Sell ICICI Bank Future; target of Rs 817: IIFL

According to IIFL, traders can sell ICICI Bank May Futures below Rs849 with stop loss of Rs 865 for target of Rs 817, in its April 25, 2012 research report.

“ICICI Bank has seen major distribution in last two months with formation of lower tops and lower bottom. The stock is currently placed below support of descending triangle which reaffirms major bearish trend in the counter. A move below Rs860 has also corroborated long term breakdown in the counter with significant downside risk of more than 10% in the counter. The stock has also closed below the 200 DMA for last two trading session which supports selling argument in the counter. We recommend going short on ICICI May Futures below Rs 849 with stop loss of Rs 865 for target of Rs 817. (Duration 10 days),” says IIFL research report.     

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