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The outlook is bearish for ICICI Securities. The uptrend has reversed after forming a double-top pattern. The share price has been falling for more than two weeks now. This week the stock has tumbled over 7 per cent. Bearish moving average cross overs on the daily chart also strengthens the bearish case. Resistances are at ₹760 and ₹773. ICICI Securities share price can fall to ₹710 initially.
A break below ₹710 can drag the share price further down to ₹670 in the next few weeks. Traders can go short now at ₹736. Accumulate shorts on a rise at ₹758. Keep a stop-loss at ₹775 initially. Trail the stop-loss down to ₹730 as soon as the stock moves down to ₹715. Move the stop-loss further lower to ₹705 when the price touches ₹690. Exit the stock at ₹680
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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