August 28, 2015
ICICI Bank (NSE Cash)
SELL
` 299
` 287 - 290
` 268
5-10 sessions
280
267
292
298
Bearish
Source: Falcon (Chart time - IST 11:45)
The stock is moving in a downtrend by maintaining ‘Lower Top Lower Bottom’ formation in
the daily chart.
Recently, we witnessed a ‘Trendline’ breakdown in the daily chart with a ‘Gap’, which
coincides with the ’89 EMA’ in the weekly chart. The volumes were also heavy in the
breakdown.
The price has bounced in last 3 - 4 trading session and retesting the breakdown levels.
Since, the momentum oscillator and the moving averages are placed negatively; we are
expecting one more correction in the counter. Thus, we advise traders to sell this stock from
current level to a bounce up to ` 290 for a target of ` 268 in coming 5 to 10 trading sessions.
The stop loss for this trade set up can be kept at ` 299.
August 28, 2015
ICICI Bank (NSE Cash)
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