The below research is picked from "The Financial Waves" daily research report by Waves Strategy Advisors. For subscribing to this report which has Nifty along with 3 different stocks visit http://wavesstrategy.com/index.php/store.html
ICICI Bank
Weekly chart:
Wave Analysis:
In last
trading session, we observed strong buying in Indian Equity Markets. Bank Nifty
and PSU Bank were up by almost 3.5% each. ICICI Bank was up by more than 5%,
which suggest upside momentum is building up in this stock.
As shown in weekly
chart of ICICI Bank, from last 3 weeks prices are trading in the range of 1090
and 1000. Yesterday’s up move has brought prices near the upper resistance of
the range. So, any move above 1090 is necessary to continue this up move,
otherwise more sideways action is possible.
As marked on
weekly chart, prices are moving higher in intermediate wave B and have already
retraced more than 61.8% of the intermediate wave A. Hence, indicating that it
is moving in flat correction pattern. As per this wave counts one leg should
come on downside in the form of intermediate wave C. However, this scenario
remains valid as long as 1250 is intact on upside. Any move above 1250 will
indicate that triangle pattern which is since 2008 completed at 750 in the form
of wave E and moving higher in form new wave structure. But, as of now we have
not got any confirmation, so above mentioned counts remains valid.
As per time
perspective, yesterdays up move has retraced prior down move from 1090 to 1010
in faster time. If, today we see closing above 1090 then it will provide
confirmation from time as well as from price perspective.
In short,
as long as ..............is intact positive
possibilities are open. Any move above........
To know more and short term charts as well subscribe to the daily research report "The Financial Waves Short term update" by visiting http://wavesstrategy.com/index.php/store.html.
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