MAKE HIGH 1305 19/3/2025
Based on the provided chart of ICICI Bank Ltd., here’s a technical analysis including target and stop-loss levels:
BUY 1199 -1215
Key Observations:
Support & Resistance Levels:
Support Zone: Around ₹1,199 - ₹1,154 (Highlighted in Red) – This is a strong support area where price has historically bounced.
Resistance Zone: Around ₹1,280 - ₹1,350 (Highlighted in Green) – This is a key resistance area where the price has previously faced selling pressure.
Fibonacci Retracement Analysis:
The 0.618 Fibonacci level (~₹1,280) is acting as a resistance.
The 0.382 Fibonacci level (~₹1,154) is acting as a support.
Trend Analysis:
The stock is in a downtrend from its previous high and consolidating near the support zone.
A breakdown below ₹1,199 could accelerate the downside move toward ₹1,154.
If the price holds above ₹1,199, an upside reversal towards ₹1,280 or ₹1,350 is possible.
Indicators:
RSI (Relative Strength Index) is around 45-46: This suggests the stock is neither overbought nor oversold but close to the lower range, indicating potential accumulation.
Trade Setup:
Bullish Scenario (Long Trade)
Entry: Above ₹1,215
Target: ₹1,280 (Short-term), ₹1,350 (Extended)
Stop-loss: Below ₹1,199
Bearish Scenario (Short Trade)
Entry: Below ₹1,199
Target: ₹1,154 (First Target), ₹1,100 (Extended)
Stop-loss: Above ₹1,220
Conclusion:
If the stock holds the ₹1,199 support, a reversal towards ₹1,280-₹1,350 is possible.
If the stock breaks below ₹1,199, the downtrend may continue toward ₹1,154-₹1,100.
Traders should watch the RSI trend and volume confirmation for strong moves.
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