icici bank share price: Big Movers on D-St: What should investors do with Canara Bank, ICICI Bank and SBI hitting fresh 52-week highs? | Rare Techy
Sector wise, buying was seen in capital assets, auto, public sector, oil and gas while some selling was seen in FMCG, telecom, real estate and services.
Stocks that hit new 52-week highs on Tuesday included names like
which closed with gains of more than 5%, which closed slightly in the red and ended with gains of more than 1%.
Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors do with these stocks as the market trades again today:
Canara Bank: Purchase
After making around 74 odd levels in May 2020, the price witnessed a sharp rally to make 272 odd levels in 3-years in February 2022 on the long-term chart.
The company builds high top and bottom formations during this period. From the highs, some profit-taking was seen as the price retraced almost 50% from the previous rally and declined from the 272 odd levels.
At the lower levels, the price held the previous upper and lower support and gave a sharp rally with relatively higher volumes. The price is now making a new high and henceforth, further reversals are seen.
The Stochastics Oscillator is moving in an upward trend with higher volume pointing upwards from here. One can buy in next 10-12 months at this level and more on drops of 255 to upper level of 350-400. Maintain 235 stop loss based on weekly closing.
ICICI Bank: Buy
On the daily charts, we have seen prices move up from their lows of 676 odd levels in June 2022 to reach the all time high of 936 in September 2022.
During this period the volumes increased significantly. From the highs, the price witnessed some selling pressure as it retreated almost 40% from the previous rally to lower the 837 odd levels.
In the last 15-20 days, the price has moved sideways in the range of 836-872 levels and when it broke the range on the higher side, with high volume, the price made an upward move to make a new all-time high. high 943
More upside can be seen from current levels. The Stochastics Oscillator is moving in an upward trend with increasing volume, indicating an upward trend from here.
One can buy at this level and more on the downside of 885 for a rise to 1050 to 1150 level in the next 10-12 months. Maintain 830 stop loss based on weekly closing.
After declining around the 430 natural levels in June 2022, the price witnessed a peak that would make an all-time high of 578 on the daily chart on September 9, 2022.
The price of construction has seen a Higher Top Higher Bottom. From the highs, the prices witnessed some profit recording to decrease from 520 odd levels.
In the last 15-20 days, the price has moved within a range, forming a Rectangle Pattern that holds support at multiple lows around 520 and faces resistance at multiple tops around 542 odd levels.
As the stock moved up the range, a fresh upward move was seen as it made a new high of 584 and further upside can be seen from here.
The Stochastics Oscillator is moving in an upward trend with increasing volume, indicating an upward trend from here. One can buy at this level and above 545 to increase to 700-780 level in next 10-12 months. 500 stop loss based on weekly closing.
(Disclaimer: Suggestions, recommendations, views and opinions are the experts’ own. These views do not represent the Economic Times)