ICICI Bank - Technical Analysis - 7/29/2016
ICICI Bank stock is down about 2.5 % today but it is usual jitters around result release. Again there will be some chatter around its roughly 30,000 crore NPA and other blights. But as we have harped on many times, who cares about those problems?!
These are typical stocks you buy low and sell high without asking much questions. You can read the reason in previous BankNIFTY post. But you might ask, what is low and what is high? Well answer to that question separates professional trader from retail, isn't it? ;) So if things come in as expected then usual boundaries are 240 and 300. That's the level where we would like to reduce the long exposure. Other than that just keep trading the channel !
There will be a day of reckoning when it will trade below 180, but at that point you just buy more with each 50 points down with next 5 - 10 years in mind.
These are typical stocks you buy low and sell high without asking much questions. You can read the reason in previous BankNIFTY post. But you might ask, what is low and what is high? Well answer to that question separates professional trader from retail, isn't it? ;) So if things come in as expected then usual boundaries are 240 and 300. That's the level where we would like to reduce the long exposure. Other than that just keep trading the channel !
There will be a day of reckoning when it will trade below 180, but at that point you just buy more with each 50 points down with next 5 - 10 years in mind.
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