ICICI BANK stock is top gainer in F&O segment as well as in nifty. On news of the Essar-Rosneft deal, the stock opened higher and hit high near 260. The stock is recovered from the oversold zone. On downside 235 was strong support and stock has taken support above it.
On upside 260 is major technical hurdle and stock above it will become bullish and buy on dips. Above 260, stock short term technical targets will be 274 and then 300 rupees. On the downside, 240-235 is major support zone and remain as stop loss level for long traders.
Those are long in stock from lower level much keep wait and watch strategy with trailing stop loss as a breakout above 260 means another 5 to 10% move to the upside in short terms. Options traders can use ICICI BANK 250 call options of October expiry as a buy on dips with stop loss.
ICICI BANK stock weekly chart is weak and suggesting stock might fall up to 220 if fail to hold 254 level in upcoming weeks.
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