ICICI Bank - Bearish Engulfing !

The NIFTY seems to be getting selling pressure above 5000 level. Consider immediate support near to 4895 tomorrow for intraday below which a further selling may be expected intitially towards 4865 - 4855

Banking stocks saw some profit booking and selling at higher levels. ICICI BANK in fact has formed a 'bearish engulfing candlestick pattern' on the daily charts.



Resistance to the stock is strong at 930+ while immediate support is near Rs 880/- in intraday. A break below this should create a short sell trade with stop at 930 and target of Rs 800 - 785.

I presume traders may cover their short sell near Rs 775-800 as this is a support area.

Happy trading !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.