NIFTY seems to be forming a head and shoulder type of distribution pattern at range top around 12000 levels. Considering the strong positive sentiments dominating the market it may not be wise to try a short trade. On the contrary 12000 expected to act as a strong psychological barrier, over leveraged long positions at top ; any disappointment in the monthly high...
ICICI Bank is forming a possible bull flag continuation pattern on a 15 min time frame. The stock has given a strong breakout in daily charts forming a good case for the bullish bias. The bull flag if confirmed will lead to an upside target of about 398.
Note- Level of 400 can be a tough round number resistance to break.
Explained in charts. A hourly close below Neckline required for pattern to be valid. Stop loss should be above head level of 10780 on a hourly closing basis.
Interestingly the short term bottom at 10200 , opens a possibility of bullish Head & Shoulders.
Corporate facing banks have been on a strong uptrend in recent days. The Short is against market consensus, so trade cautious using smaller quantity. Pattern valid only if price breaks below neckline on a hourly clb , with stop placed above 362 on a hourly clb.