IBN trade ideas
ICICI Bank - When to enter?ICICI Bank - Right time to Enter?
Well I would suggest to wait as i see a slight weakness and can expect a slight fall
RSI - Oversold 73 Levels
Request you not to enter now as its already near its all time high
Wait for a fall and buy at its support levels as Highlighted in Green - Levels 769 -735 & 734
Like and Follow :)
ICICIBANKNSE:ICICIBANK
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ICICI BANKICICI Bank was following downward channel since long.
Nor trading above 200 EMA on daily chart.
Volume reducing.
Facing resistance - Red Line.
Support line marked - Orange Line.
Ready to move up or down soon will good Volume.
Earlier Trendline is now support line.
Resistance @ 739 - 757 - 770 -789 - 810.
Support @ 711 - 698 - 688.
This is for Educational and paper trading purpose only. Must consult your financial advisor before investing or taking any position in the market. please correlate by yourself also on charts.
ICICI bankTrade Setup:
Daily: Gap filled. Bullish engulfing candle seen with good volumes. 50EMA and support line (at 735 INR) should be a good base.
4 Hour chart: took support at 50EMA.
In general, on Bank Nifty index chart - a doji seen at bottom levels, indicating a potential for turn around. 38350 - 38390 levels should act as a strong support levels. Technically, that's a double bottom pattern.
Entry = around 772 INR
Sl = below support ie, approx. 730 INR
Target = 860 INR
RR = 2.08
New entry in ICICI BANKI 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 will perform.
Disclosure: Invested personally, hence views could be biased. Use your own judgment. :)