One can go long around Rs 305 levels with the stop loss of Rs 285 for target of Rs 345, says Shabbir Kayyumi of Narnolia Financial Advisors.
After giving a decent fall, ICICI Bank seems to be bottoming out near its channel support line. It found a base near 50 percent Fibonacci retracement of the upside move from Rs 266 to Rs 346.80 which is giving a hope to Bulls for making long position in the scrip. The 200 DMA is seen around Rs 305 levels which is key support. Weekly chart is showing parity with its historical levels. Oversold stochastic is also lending support to its price action.
One can go long around Rs 305 levels with the stop loss of Rs 285 for target of Rs 345.