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The short-term outlook is bullish for ICICI Bank. The stock has risen 1.28 per cent on Tuesday breaking above a key resistance level of ₹975. This rise has happened after taking good support from around the 100-Day Moving Average over the last one month. This will act as a good support now.
ICICI Bank share price can rise to ₹1,025 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹980. Keep the stop-loss at ₹968. Trail the stop-loss up to ₹996 as soon as the stock moves up to ₹1,005. Move the stop-loss further up to ₹1,010 when the price touches ₹1,015. Exit the long positions at ₹1,020. The bullish outlook will go wrong only if ICICI Bank falls below ₹975. But that looks less likely.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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