ICICI Bank Technical Analysis
Daily Chart Analysis-
Highly weightage in Nifty 50 & Bank Nifty share ICICI Bank Chart analysis as below
ICICI Bank share price is 852 INR,when post is written. Price range 865-868 act as a small resistance of falling trendline while strong resistance act as 877-881 range.After crossing this level Icici Bank share value starts momentum upside.
Price range 835-838 act as strong support. Technically ICICI Bank close below 15 min candle and trade below then downside possible up to 810-805 level.
If ICICI Bank trades below 800 level then short term view changes to the negative side, sellers are dominant,they sell stock each upside retracement.
Strong support 835-838
Small Resistance 865-867 , Strong Resistance 875-881
Weekly Chart Analysis-
Weekly chart gives clear picture that level 835-838 range act as strong support while price range 877-881 act as strong resistance.
This means that no clear sign of buying and selling this range, stock remain sideways
We can take a trade above 881 closing any 15 min candle take position for buying side with small sl of 868 for the target of next resistance level 901-905.
While we can take short position below 832 closing any 15 min candle take position for selling side with small sl of 847 for the target of next support level of 805-800.
This means that no clear sign of buying and selling this range, stock remain sideways
We can take a trade above 881 closing any 15 min candle take position for buying side with small sl of 868 for the target of next resistance level 901-905.
While we can take short position below 832 closing any 15 min candle take position for selling side with small sl of 847 for the target of next support level of 805-800.
Conclusion:
ICICI Bank share clearly says that sideways trend or consolidation mode. As above explain that each side breaking support or resistance open position for swing trade for 4-5% returns.
