ICICI Bank Technical Chart | 11-Jan-2012


Below is the technical chart of ICICI Bank, listed on Indian stock exchange, using Ichimoku Kinko Hyo indicator.



Although ICICI Bank stock price closed above kijun-sen line and started upward movement, there is tough resistance coming up now.

The price is trading near kumo, which is a huge resistance for ICICI. Also, the Chikou-Span (CS) line will face resistance on kijun-sen line. So, in summary, one can say ICICI resistance area is from 788-828. Avoid the stock between this range. Take your long positions ONLY above this resistance zone. 

Overall, I’m still not convinced about the rally of Nifty in last few trading sessions as Nifty PE is still very expensive. Take your long positions with strict stop-loss.

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