Trade Idea of The Day - ICICI Bank Ltd Target Rs. 35 - Religare Broking Ltd
ICICI Bank Ltd
BUY 25 AUG 1450 CALL Entry Range 19 - 21 Target 35 Stop Loss 14
Rationale
* ICICIBANK continues to maintain a bullish structure, forming a series of higher highs and higher lows along with the resilient price action near its short term moving average of 20-DEMA. As long as the stock holds above the 1400 1420 support zone, the prevailing uptrend is likely to remain intact with potential to retest the 1480-1500 zone.
* Momentum indicators remain constructive, with the RSI holding above the 60 mark, reflecting sustained buying interest. The weekly MACD histogram traded in a positive trajectory, indicating that the broader bullish momentum remains intact.
* On the weekly timeframe, stock prices traded in a rising channel, suggesting the continued strength in the broader trend. Any short-term consolidation is likely to attract buying interest, with the upside potential of 1500 zone.
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