Web special: Medium term trend for ICICI Bank is negative

Check out the technical trends in select stocks with Somil Mehta, Sr Technical Analyst, Sharekhan

Check out the technical trends in select stocks ICICI Bank, Bharti Airtel, Tata Steel and Sun Pharma with Somil Mehta, Sr Technical Analyst, Sharekhan:

SmartInvestor : Markets have rebounded today after a correction on Thursday. The Nifty has once again reclaimed the 6,100 level. What is the near term trend for the market? What is your advice to traders for the week ahead?
    
Somil Mehta : Short term trend and medium term trend remains negative with reversal of 20 WMA i.e. 6170/6200 and the target of 5930 and 5600. Nifty has bounced and is expected to face resistance around 20 WMA i.e. 6170 and the previous gap area around 6200.

    

SmartInvestor : Charts indicate that ICICI Bank is failing to gain traction above RS 1,000 levels. The stock is trading firm today. What is the medium term outlook for the pvt banking major? What is your advice to long term investors?
    
Somil Mehta : The stock has broken down from a head & shoulder pattern so the medium term trend remains negative for the stock and is expected to target 880 with reversal around 1100.

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