ICICI Bank has given a downward sloping trend line breakout, adjoining the highs of November 16 and November 29 by closing above the Rs 355 odd levels. The primary trend of the stock is bullish where the stock price is trading above its 5, 20 and 200 day SMA.
ICICI Bank is one of the outperformers amongst the large-cap stocks, where it gained by 14 percent till date in the CY18 as against the 3 percent rise in the Nifty Index. Oscillators are showing strength in the stock.
The stock price is trading near at all-time highs and the technical indicators are indicating that it is likely to remain an outperformer for the coming days as well. Therefore, we recommend buying ICICI Bank for the target of Rs 382 and keeping a stop loss below Rs 345.
Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert 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.
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