(Short Term Cash)
November 15, 2016
ICICI BANK (NSE Cash)
BUY
` 259
` 273 - 270
` 295
14 - 21 Sessions
Daily Chart
Source: Falcon (Chart Time: 13:45 IST)
Justification:
The stock is moving in an uptrend by forming ‘Higher Top Higher Bottom’ structure on weekly chart. The stock
is trading in a ‘Rising Channel’ from last seven months (see exhibit). Recently, the stock stock rebounded from
the lower end the channel and rallied sharply; however, we witnessed a corrective move in last two sessions.
Today, the stock is taking support around the 61.80 % retracement level of the up move from `245.00 to
`298.40. Since the ‘Moving Averages’ and ‘Parabolic SAR’ are placed positively we are anticipating an up
move in the counter. Considering the above technical evidences, we advice traders to buy this stock at current
levels and on declines to `270 for a target of `295 in coming 14 - 21 sessions. The stop loss for this trade set
up can be kept at `259.
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November 15, 2016
Last 4 recommendations
Date
Stocks
Recom. Buying/Selling Range CMP
Target 1
Target 2
Stop-loss
Status
15-11-16
Maruti
BUY
4860 - 4890
4900
5250
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4670
Active
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398 - 404
397
449
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375
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11-11-16
Reliance Ind.
BUY
1014 - 1005
992
1080
-
974
Active
11-11-16
BEL
BUY
1348 - 1355
-
1460
-
1288
SL triggered
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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