For more than six weeks, ICICI Bank has been trading in a broader range of Rs 340-365 and is maintaining well above its short and long-term moving averages.
At the current juncture, the stock formed an inverted head and shoulder pattern on the daily interval chart. Additionally, the positive divergences on secondary indicators are pointing toward upward movement in prices.
So, traders can accumulate the stock in a range of Rs 360-364 for the upside target of Rs 386 levels and a stop loss below Rs 345.
Disclaimer: The author is a Senior Research Analyst, SMC Global Securities. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
