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