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.