September 18, 2015
ICICI Bank (NSE Cash)
SELL
` 293
` 283 - 285
` 265
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 13:35 IST)
Justification:
The stock has given ‘Head and Shoulder’ pattern breakdown in the weekly chart in the last week of
August 2015. From last two weeks, the stock bounced back sharply and retesting the neckline of the
mentioned pattern. In daily chart, the stock is trading around its major resistance of the ‘Trend line’,
which coincides with the 50% retracement level of the entire fall from 319.80 to 247.70. The stock
also has a strong hurdle of ‘Horizontal trend lines’ at 288 - 290 levels, which coincides with the ’55
EMA’ in the daily chart. Looking at the current chart structure, we advise traders to sell this stock at
current levels and on rise to ` 285 for a target of ` 265 in coming 14 to 21 trading sessions. The stop
loss for this trade set up can be kept at ` 293.
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September 18, 2015
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Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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