In the recent down fall, ICICI Bank has given a negative breakout and stock has underperformed Nifty futures. This downside breakout below 765 support level (50% Fibonacci retracement level), is now turned into resistance and any move towards that level must trigger strong selling in ICICI Bank stock. So trading in the direction of the daily trend we advice to go short on ICICI Bank December futures near 760 Zone for Positional targets as 743 and then 735 levels. We would like to place the stop losses just near 772 level. This is technical analysis call based on simple support resistance principle. Traders can time their entries using slow stochastic indicator. Investors are advised to exit from ICICI Bank and stay in cash for now, as we may see much lower levels on ICICI Bank, Charts are suggesting its down trend will continue, until there is some good news in global markets or in domestic market, Also Indian Rupee (INR) was seen weakening in near term this is why our markets were under-performing Asian markets. To learn technical analysis at your city, just call us @ +91 – 9970777789.
ICICI Bank Futures Short term Outlook: Short sell ICICI Bank december futures near 760 level for short term target as 743 and then 735. Strict stop should be around 772 level.