Sell ICICI Bank on rise; may test Rs 1030: Shardul Kulkarni

Shardul Kulkarni, Sr. Technical Analyst of Angel Broking told CNBC-TV18, "The Bank Nifty has clearly given a breakdown, after that it has almost achieved its head and shoulder target but the way in which it is falling I think further extension on the lower side is possible. So I would not rule out the possibility of 11600 to 11550 levels being tested on the Bank Nifty June Futures contract. So bias remains negative, traders should adopt a sell on rise strategy in case of the Bank Nifty. The ideal stop loss would be at 12400. So long as the bank Nifty does not go above 12400 the bias has to be that you should look at selling every rise that comes."

He further added, "In case of ICICI Bank also we are seeing a similar fall. In fact ICICI Bank has been the leader in the fall in today’s trading session. It has given a breakdown from important support level of Rs 1130 and so long as it stays below Rs 1135 you should look at again a sell on rise in case of ICICI Bank. I would look at a possibility of Rs 1050 to Rs 1030 being tested in case of ICICI Bank."