ICICI BANK

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ICICI Bank is trad­ing near its 52-week high. What should I do?

- Raghav Reddy

CMP: ₹370

BSE Code: 532174

BUY ON DIPS WITH STOP LOSS OF RS 323

ICICI Bank is cur­rently trad­ing at Rs 370. Its 52-week high/low stand at Rs 374.75/ Rs 256.50 made on Novem­ber 15, 2018 and July 16, 2018, re­spec­tively. In early Oc­to­ber 2018, the stock took sup­port around its 200-day EMA and en­tered into an up­move. Re­cently, the stock was seen con­sol­i­dat­ing in a tight range, how­ever, on Novem­ber 13, 2018, the stock formed a size­able bullish can­dle, breach­ing its tight con­sol­i­da­tion range, and on Novem­ber 14, the stock wit­nessed a fol­low-up buy­ing along with above av­er­age vol­umes, which au­gurs well for the bulls. The 14-pe­riod RSI on the daily time frame is trad­ing in the bullish ter­ri­tory, which is pos­i­tive for the stock. Hence, we sug­gest you to buy this stock on dips and main­tain a stop loss of Rs 323 on a clos­ing ba­sis.

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