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The stock of ICICI Bank, after moving sideways for a period of two weeks, broke out on Tuesday with huge volumes. It recorded a fresh lifetime high of ₹517.55 and closed above the crucial level of ₹500 for the first time. Thus, the prospect of the stock advancing further looks high. So long as the stock manages to trade above ₹490, the possibility of a trend reversal is low.
The stock had a volatile opening this year where it declined to ₹336.15 in February. But in March, the stock started to move upward gradually and breached the then 52-week high of ₹442. The uptrend lasted for three months and subsequently, it witnessed a corrective phase. The stock price moderated from the high of ₹442 to ₹384.35 in September. What followed was a strong bull run, which continues till date, and as a result the stock has now moved past ₹500.
Hence, investors with short-term perspective can buy the stock with strict stop-loss at ₹490 for a target of ₹535.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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