It’s been really tough time for banks not able to show specific trend since 3 months from August 2011. ICICI Bank has been trading in the range of Rs.70 (820-890). This could be an acid test for all major banks like SBI, AXIS, ICICI whether they can sustain October’s low or not. All these banks just 5% away from the recent low in October 2011.
ICICI bank recent low recored in October at 761.4. Currently trading at 821 with almost 7% loss in this week. Provided 800 weekly support not taken out, it may continue to play in the same range. Otherwise, it can crack down to 760 and below that will open the alarming doors which is inevitable.
Daily and weekly Indicators are negative with crossovers. Ichimoku analysis too shows stiff resistance at 840 levels.
760 << 800 << 830 >> 845 >> 880
ICICI Bank Daily OHLC Chart
About the Author : Priya is the Technical Analyst and author of Analystcalls and often writes guest post for Marketcalls