If the stock flies past 422, it will face a stiff chikou resistance at the kijun 425... beyond that till 429 will face the cloud... Looks good till that from a momentum point of view, may all movements come swift... Long can be only beyond 429 after a re-test at the cloud... The weekly ichimoku doesnot indicate anything otherwise, which is good..
After its strong results, the stock could not perform due to weak market conditions in the last
many weeks. It has been in a sideways consolidation
It is now attempting to build another leg up .
Buy abv 422 with stops at 410 for target of 438
Daily Chart Observation
Point no.1-Resistance– Previous swing high resistance. 3 times, price reverse from this area.
Point no.2- Support– Previous swing low support area. 2 times, price bounce back from this area.
Point no.3- Rectangle Chart Pattern.– Price is trading in the range formed the rectangle pattern.
Conclusion
From the above chart, it is clearly seen...
ICICI Bank Limited is a banking company. The Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. The Bank's business segments are Retail banking, Wholesale banking, Treasury, Other banking, Life insurance, General insurance and Others. It has a network of approximately 18,210 branches and automated teller machines (ATMs). The Bank has approximately 110 Touch Banking branches across over 30 cities. Its international banking is focused on providing solutions for the international banking requirements of its Indian corporate clients and leveraging economic corridors between India and the rest of the world. The Bank caters to the financial needs of women entrepreneurs through its Self-Help Group (SHG) program as a part of its microfinance initiatives.
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ICICIBANK
