ICICI Bank: Support at 1100

ICICI BANK Daily NSE Stock Chart Technical Analysis:

ICICI Bank closed the week with an indecisive day, closing very near to the opening price.  CMP: 1124.15.

Market Outlook:

• The price is taking support at 1100.  
• Strong buying has happened on Friday after the price fell below 1100, indicating that the market might not let this stock fall below 1100 for the time being.  
• This presents a buy opportunity if the price rises again.

Technical Indicators:

• A Tweezer candlestick has formed.
• There is strong support to ICICI bank at 1100.  Many times since Sept 10 the price fell below this level intraday, but returned to close above it (except once, when it returned above 1100 the next day)
• This time too, the price fell below 1100 Friday intraday, but the market traded heavily to bring it back above 1100 and close at 1124.  This buy momentum could carry the stock higher next week.
• Let's see what happens on Monday, if the price rises we might have a good buy opportunity to trade a swing.
• If the price falls below 1100, the support is at 1040

ICICI BANK Daily NSE Stock Chart Technical Analysis

ICICI Bank Faces Resistance at 1241

ICICI Bank Daily NSE Stock Chart Technical Analysis:

ICICI walked sideways today after a big gap-up yesterday.  

The market made a double top at today's high near 1246.7.  This is also the same level where the stock faced consolidation and made double tops just before the 2008 recession began.

Market Outlook:  Breaking above 1250 will be a landmark for ICICI Bank, there is high resistance to breaking this level.  

Tomorrow will be another sideways day, unless there is some sudden effect of the bank repo rate announcement by the RBI, in which case the rate will fall and find support at between 1170 and 1185.

If the price does not fall tomorrow, it'll fall the day after.

Technical Indicators:

Spinning Top candlestick portrays indecisiveness in the market.  People are waiting for something to happen.

The price is sailing well into the oversold levels.

ICICI Weekly: 25 to 29 Oct 2010: Hanging Man Candlestick

The week for ICICI Bank stock on NSE ended with highest volume since May 2010. 

The candlestick for the week has formed a hanging man formation.  The hanging man is not a pretty sight on the chart and it shows that the bears are trying to gain control, though unsuccessfully at the moment.  The candlestick is positive, which also shows that the bulls are against any drop in the price.  

The 20 week moving average is diverging from the 50 week moving average.

The week has ended positively as ICICI Bank posted good quarterly results.  

There is no clear signal right now.  The stock can be traded within the week based on daily or intraday indicators as the price will remain volatile and provide many opportunities for short-term buy and sell.  

The market should open higher on Monday, there might be an opportunity to go long immediately, but wait for market open to confirm.