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