ICICI Bank Ltd BUY POSITION CALL CONDITION CALL

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.