ICICI BANK

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I am hold­ing ICICI Bank shares bought at Rs 305 level. Should I wait for some more time for a bet­ter price?

HOLD ICICI BANK WITH A STOP LOSS OF RS 288

- Ganesh R ICICI Bank is cur­rently trad­ing at Rs 311. Its 52-week high/low stand at Rs 320.30/Rs 224.43 made on November 2, 2017 and De­cem­ber 27, 2016, re­spec­tively. The stock wit­nessed a gap-up open­ing on Oc­to­ber 25, 2017 and has thereby formed a kind of V pat­tern on the daily charts. The stock gave a break­out of the V pat­tern on November 2 and wit­nessed a pull­back af­ter hit­ting dou­ble top at Rs 320 level. How­ever, the stock seems to have taken sup­port at 23.6% re­trace­ment level of the prior up­ward rally, and on November 9, the stock has at­tempted a bounce back but with lack of vol­umes and mo­men­tum. Hence, we sug­gest you to hold the stock, but with a strict stop loss of Rs 288 as the stock may come down for gap-fill­ing there­after.

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