Stock picks:
On the week ended July 3rd, 2021, the sttock broke out from the bullish inverted head and shoulder pattern on the weekly charts. Post the breakout, it entered in to consolidation phase for next two week. Now, the stock has taken out two week’s price range and has resumed its primary up trend. Nifty infra Sector has broken out on the chart and indicates the bullish trend for the entire sector.
Buy ICICI Bank (Rs 690) | Target: Rs 730 | Stop-loss: Rs 665
The stock has recently surpassed the crucial resistance of the previous swing high resistance of 677. It has broken out from the bullish cup and handle pattern on the daily chart with rising volumes. Primary trend of the stock has been bullish as short term moving averages are placed above medium to long term moving averages. Indicator and Oscillator setup has been showing strength in the current uptrend.
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Vinay Rajani is Senior Technical and Derivative Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal
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