Nifty has surpassed the crucial resistance of 15,000, which was derived from the downward sloping channel on the daily chart. This breakout has resulted in an end to the consolidation that was there for the last three months. Nifty has confirmed the higher top and higher bottom formation on the daily chart. The immediate target for the index is seen above the all-time high of 15,432 odd levels. The support has shifted up to 14,900.
The stock price has formed a rounding bottom formation on the daily charts. The volumes have gone up along with the price in the last three sessions. The stock has been trading above important moving average parameters, indicating an uptrend on all time frames. The FMCG sector has resumed its uptrend after a major correction. Indicators and oscillators like RSI, MACD and DMI have turned bullish on short term charts.
Buy ICICI Bank | Target: Rs 680 | Stop-loss: Rs 610
The stock has broken out from the downward sloping trend line on the daily chart. It has also surpassed crucial resistance of Rs 628, which happens to be the previous swing high on the daily chart. Bank Nifty has broken out on the charts and ICICI Bank’s contribution to it has been good. The stock has found support on 50 days EMA and resumed its uptrend.