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Abhishek Preetam has an MBA in Finance and started his career as a big-data specialist working at Janalakshmi Social Services. Abhishek is a firm believer in technical analysis and a systematic approach to investing. He develops algorithms and automated portfolio management systems that crunch... More
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  • Analysis: ICICIBANK (IBN) 0 comments
    Jan 28, 2013 12:30 AM | about stocks: IBN

    Today's pick is ICICIBANK (NYSE:IBN). The stock started the year with an uptrend to see Rs. 1,000 levels in February, but lost its mojo to find support at Rs. 800 levels by June. Since then the stock again started its up-move and saw its 52 weeks high of Rs. 1,200 a couple of weeks ago. In the last three months, the stock has moved +12% vs. +7% of the Nifty's.

    (click to enlarge)

    Oscillators RSI and CMO are hovering in no man's land and hence are not suggesting any direction. The stock is trading in the middle of its Bollinger band. Short-term technical just saw 18x4 and 18x9 bearish cross-over.

    The MACD line and signal line are moving away from each other and unable to suggest any short-term direction. Long-term GMMA lines are moving away from each other and hence are giving a bullish bias for the stock.

    (click to enlarge)

    ICICIBANK's average correlation with the Nifty is 0.82 which is positive and very strong. The scrip will be closely replicating movement of Nifty.

    (click to enlarge)

    ICICIBANK has a historical volatility in the range of 0.3 to 0.8. The scrip's volatility is currently in the lower end of the range.

    It appears that only one bulge-bracket analyst (Credit Suisse) is covering this stock and has an "out-perform" on it.

    Given these technicals, we suggest a short-term Watch. A longer term call could be taken based on the directional break-out of the flag under formation.

    This article first appeared on Your Money@StockViz.biz.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: Bank, India, Technical analysis Stocks: IBN
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