MUMBAI: India Infoline has advised traders to buy ICICI Bank on dips upto Rs 697 with stoploss of Rs 690 for a short-term period of 1-3 days.
“ICICI Bank has seen a steady uptrend from the levels of Rs 252 in March 2009. This was a panic bottom and the stock rallied higher without a retest of this low. On the daily charts, the price movements appear to have formed a higher bottom formation. In last few trading sessions the stock is facing stiff resistance around the levels of Rs 715-720. We expect the stock to breakout from the above levels and attempt the level of Rs 740 in the near term. The bullish formation is confirmed after the stock gave a close above its short-term moving averages. Traders can buy the stock at current levels and on dips up to the levels of Rs 697 with a stop loss of Rs 690 for a short-term target of Rs 740 in the coming trading sessions,” said India Infoline report.
(Note: The above recommendation is a short-term trading idea for a time period of 1-3 days.)
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