Monday, February 03, 2014

ICICI BANK Technical view

Hi friends,
                   Looking at Banking heavy weight ICICI BANK Technical chart,It can be easily figured
out from the daily chart we did abcde from august end 2013 to early December 2013.
Lets look at the daily chart.
ICICI BANK Technical view
The red line shows the abcde
after abcde we have a fall
which as of now can be classified
in impulse down as well as
complex correction.Impulse
down would be more bearish
thing,As of now lets assume
complex correction on and lets
see the hourly chart to see the
fall closely.

The impulsive fall from e top would be damm bearish scenario ,Me taking the fall as
complex correction as shown in following chart.
ICICI BANK Technical view
From chart we can see that
we have done one abc ie w
followed by a X wave and
again we in a fall which should
finish by 940 ,Its good support
fot the stock,I expect a nice
pull back from 940 level
but that would be a short term
bottom only according to me .
Wxy is forming we have done

W and X right now a of Y is going on which is in final stage of its finishing,Track this
stock for short term bounce once 940 is touched.



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