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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
    Mar 11, 2013 12:48 AM | about stocks: IBN

    Today's pick is ICICIBANK (NYSE:IBN). The stock started the year with a downward move to reach Rs. 800 levels. After finding support for a couple of weeks the stock started its up-ward movement. It saw the 52 weeks high of Rs. 1,210 in February, but since then was on a down-trend to find support on the trend-line. In the last three months, the stock moved +2% same as that of the Nifty's.

    (click to enlarge)

    Oscillator RSI and CMO are in no man's land. The stock is currently trading in the upper side of Bollinger bands. Short-term technical just saw 4X9 and 4X18 bullish SMA cross-over.

    The MACD line has just penetrated the signal line in a bullish manner. However, the Long-term and short-term GMMA lines are contracting, unable to provide any outlook 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.

    (Reuters)

    Analysts have positive expectations regarding this stock. Less than expected earnings might hit the street expectations in the coming reviews and might impact the stock as well.

    Given these technicals, we suggest a short-term Hold. A long-term call could be taken depending on the price action around Rs. 1,200 levels. It is also suggested to have tight trailing stop-losses level to book profits in case of a sudden trend-reversal.

    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: Banking, India, technical analysis Stocks: IBN
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