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Tuesday, 26 March 2013

ICICI Bank–To fall further

Today, we are covering the analysis on ICICI Bank, since I received several queries on whether this is the right time to invest in this stock.

The answer is No as per technical charts. ICICI crossed below the 200 DMA earlier this month and is facing continuous resistance at 105-60 levels..

200 DMA was crossed with bearish MACD cross-over and RSI moving below 50. Todays move shows Stochastic staying below the oversold sign with no indication of a bounce back.

Fall below 1000 levels and sustaining there on any day could take the stock easily to 980 levels followed by 970-950 levels. Below this, the stock could touch 910-880. As of now this looks to be the short term target for ICICI Bank.

The above views will be negated on a close above 1080 levels.

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