Accumulate ICICI Bank, target Rs 386: Shitij Gandhi

Shitij Gandhi

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.