December 10, 2015
ICICI Bank (NSE Cash)
SELL
` 265
` 257 - 259
` 242
5-10 sessions
256
248
262
265
Bearish
Source: Falcon (Time - 10:25 IST)
The stock is downtrend by maintaining ‘Lower Highs Lower Lows’ in the weekly chart. From last few
months every short term rally get sold off quickly in the stock.
The stock has been a major under performer to its peer group in the recent past. Currently, the stock is
giving breakdown from the ‘Symmetrical Triangle’ pattern in the daily chart.
The ‘RSI - smoothened’ oscillator of daily chart is also indicating a weakness in the counter.
Looking at the above technical evidences, we are expecting the stock to breach its previous lows. Thus,
we advise traders to sell this stock from current level and on a rally up to ` 259 for a target of ` 242 in
coming 5 to 10 trading sessions. The stop loss for this trade set up can be kept at ` 265.
December 10, 2015
ICICI Bank (NSE Cash)
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