We had already examined ICICI BANK in an earlier post but since then the Scrip has seen a major correction alongwith other Banking Scrips for reasons that we all are awarw of. So we shall have a relook at the Scrip in an attempt to find the Best Entry Price currently.
It is immediately evident that the Scrip is trading below all the conventional 30, 50, 150, 200 DMAs so let us do some unconventional analysis by looking at the 2 YEAR DMA. Interestingly we find that in its entire lifetime the Scrip has NEVER broken its 2YEAR DMA except for the Bear period after the Lehmann collapse and the subsequent nosedive all Markets took, which for our limited trend review we can treat as atypical and hence exclude. Even in the present downtrend the Scrip smartly rebounded from its 2 YEAR DMA on 29/8/2011 after closing a tad below it at 820 on 26/8/2011.
So in my studied view, the 820-830 levels (2 YEAR DMA 832) are a rock solid support for the Scrip and unlikely to be violated in a hurry. In my opinion the Best Entry Price is around 830 levels but can be safely accumulated even at CMP 873 for the long term portfolio.
It is immediately evident that the Scrip is trading below all the conventional 30, 50, 150, 200 DMAs so let us do some unconventional analysis by looking at the 2 YEAR DMA. Interestingly we find that in its entire lifetime the Scrip has NEVER broken its 2YEAR DMA except for the Bear period after the Lehmann collapse and the subsequent nosedive all Markets took, which for our limited trend review we can treat as atypical and hence exclude. Even in the present downtrend the Scrip smartly rebounded from its 2 YEAR DMA on 29/8/2011 after closing a tad below it at 820 on 26/8/2011.
So in my studied view, the 820-830 levels (2 YEAR DMA 832) are a rock solid support for the Scrip and unlikely to be violated in a hurry. In my opinion the Best Entry Price is around 830 levels but can be safely accumulated even at CMP 873 for the long term portfolio.
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