Funda Trigger: LIC IPO is around the corner.
Technical: Falling wedge pattern, high chance of upside breakout. In the daily time frame, it is showing breakout & re-test.
Note: This is a swing trade (time frame of 2-4 months). Trade as per your personal risk appetite.
Also, I have made the position. Hence, views are biased/skin-in-the-game.
Turnaround of markets after 14th March, becomes predictable when we expand our horizon to weekly for a 5-year trend.
Once the price moved above 34000+, It was the first long entry. & Now as it's breaching descending triangle, It is a double surety and a place to add more longs!
The same could also be reflected in the Indian market.
We can expect a good long move...
I believe, the Top 2 Banks in India are - ICICI BANK & KOTAK BANK
As now we have covid behind us, I believe Banking sector will now pick up a good pace for next 2-3 years.
Hence, started building a position by taking advantage of the current market fall.
I believe this was a decent entry point with a 14% discount from the Top.
I will keep on adding as this stock...
This stock is still stable but it is stuck in a range.
I will definitely re-enter after a convincing close above 180.
New stock is ICICI Bank, as a fast mover among Financial Sector. (Sharing in a new post)