ICICI Bank may slip to Rs 590, says Jai Bala, cashthechaos.com.
Bala told CNBC-TV18, "The Bank Nifty is looking quite strong but at the moment if one looks at private banks like HDFC or ICICI Bank, they are not looking strong at all. Again the configuration here is looking like a collective rally. In fact ICICI Bank has actually thrown a mild sell signal for the market and if goes below yesterday's low, I think its heading for Rs 590 which is new low for ICICI Bank. The structure looks similar for HDFC Bank ."
He further added, "If Bank Nifty stays above 8600 things are okay for the banks but once it starts dipping below that level then we are looking at a new low."
