Technicals on ICICI bank,Volatas and Allabhabad bank

By | May 31, 2011 1:52 am


ICICI bank broke out of its falling wedge pattern which is a bullish pattern. Stock has been taking support around 994 levels and giving decent bounces.Stock is approaching another major resistance of 200 DMA @1084.

200 DMA is defining lines between Bulls and Bears

Move above 1084 will make the stock to enter is trading range of 1090-1130 where it consolidated before the previous downmove.

Buy above 1084 Tgt 1090,1100,1115 and 1130




Allahabad Bank broke out of its ascending triangle formation broke out last friday with volumes. Stock has entered into a new resistance zone of rs 198 as mentioned in chart.There is a gap between 199-201.8 which should get filled in this upmove.

Break of Rs 198 with volumes will give more strength to stock.

MACD moved into Buy and Mometum indicators are giving strength to stock

Buy above 198.4 Tgt 201.8,205 and 210.



Voltas limited has been trading in 150-185 range with less volume activity as shown in above chart.

Stocks is near its short term resistance @168.6 which is a trendline resistance also.

Indicators are showing strength.

Buy above 168.6 Tgt 170,172 and 174.6

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