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Trader can sell the current futures contract after some technical bounce-back around Rs 315-317 with a stop loss above Rs 324 for target of Rs 295 and Rs 287, says Abhishek Mondal of Guiness Securities

26 Sep 2018 : 03:25 Comments: 0 Views: 
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On daily charts, ICICI Bank is continuously trading below its short and mid-term moving averages as well as below 38.2 percent retracement level of July 16 to August 31, 2018 up move, which indicates that the bias could remain bearish.

The Daily Relative strength index (RSI) is at 38.91, in the neutral zone, no divergence seen against the price and MACD is continuously below the signal line whereas (-)DI is above (+)DI, signaling a bearish trend in the near term.

A trader can sell the current futures contract after some technical bounce-back around Rs 315-317 with a stop loss above Rs 324 (closing basis) for a target of Rs 295 and Rs 287.
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