ICICI Bank BUY POSITION CALL

 

Technical Analysis of ICICI Bank (1-Min Chart)

Support & Resistance Levels:

1. Support Levels:

   • 1,252.35 (Major Support, Fibonacci 0.382 level)
   • 1,256.35 (Fibonacci 0.5 level, acting as immediate support)

2. Resistance Levels:

   • 1,259.85 (Fibonacci 0.618 level, first resistance)
   • 1,264.75 (Fibonacci 0.786 level, stronger resistance)

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Target & Stop Loss Strategy:

• Entry: If price holds above 1,256.35 (Fibonacci 0.5 level) and starts moving up.

• Target:

  • First target: 1,259.85 (Fibonacci 0.618 level)
  • Second target: 1,264.75 (Fibonacci 0.786 level)

• Stop Loss: Below 1,252.35 (Fibonacci 0.382 level), ensuring risk management.

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Technical Indicators:

• Fibonacci Retracement Levels:
  • Price is currently hovering around the 50% retracement level, which often acts as a decision point.
• RSI Indicator (Relative Strength Index):
  • RSI is 54.96, indicating neutral momentum (neither overbought nor oversold).
  • If RSI moves above 60, bullish strength can increase.
  • If RSI drops below 50, bearish sentiment might take over.

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Trading Viewpoint:

• Bullish Bias: If the price sustains above 1,256.35 and breaks 1,259.85, expect an upward move toward 1,264.75.
• Bearish Bias: If the price falls below 1,252.35, further downside potential can be expected.

ICICI Bank Technical Analysis: Short, Medium, and Long-Term View

📌 Short-Term View (Intraday to a Few Days)

• Current Price Action: Price is hovering around the 50% Fibonacci retracement level (1,256.35), which often acts as a decision point.
• Key Levels:
  • Support: 1,252.35
  • Resistance: 1,259.85, 1,264.75
• Strategy:
  • Bullish Above: 1,259.85 (Target: 1,264.75)
  • Bearish Below: 1,252.35 (Target: 1,248-1,245)
• RSI at 54.96 suggests neutral momentum; a move above 60 would confirm bullish strength.

➡ Bias: Neutral to mildly bullish if 1,256.35 holds; bearish if it breaks 1,252.35.

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📌 Medium-Term View (Weeks to a Few Months)

• Trend: Sideways to bullish; needs to break key resistance levels for a stronger uptrend.
• Key Levels:
  • Support: 1,240-1,245 zone (major demand zone)
  • Resistance: 1,270-1,275 (if broken, could rally further)
• Indicators:
  • RSI must stay above 55-60 for a strong uptrend confirmation.
  • Higher highs and higher lows needed for continued bullish momentum.

➡ Bias: Cautiously bullish, targeting 1,275-1,285 in the coming months if it sustains above 1,256-1,260.

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📌 Long-Term View (6+ Months to 1 Year)

• Fundamental & Technical Outlook:
  • ICICI Bank remains a strong banking stock with consistent growth.
  • Technically, it is in an overall uptrend but needs to sustain above 1,275-1,280 for a breakout.
• Key Resistance: 1,300+ (psychological level)
• Key Support: 1,200 (long-term base)
• Potential Targets:
  • If it breaks 1,275 and sustains, it could head towards 1,320-1,350 in the long run.
  • If it drops below 1,200, expect further downside towards 1,150.

➡ Bias: Bullish in the long term, but needs confirmation above 1,275. Strong support around 1,200.

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📢 Summary

Timeframe	Bias	Support	Resistance	Target
Short-Term	Neutral to Bullish	1,252.35	1,259.85	1,264.75
Medium-Term	Cautiously Bullish	1,245	1,275	1,285
Long-Term	Bullish	1,200	1,275-1,300	1,320-1,350

📌 Trading Tip: Watch 1,256-1,260 zone closely. Above 1,260, bullish momentum strengthens; below 1,252, bears might take control.