Valentine’s Day stock pick: On the occasion of Valentine’s Day
ICICI Bank is currently trading at ₹1,254 after correcting nearly 12% from its recent swing high over the past two months. The stock has maintained a strong long-term uptrend, forming higher highs and higher lows within a Rising Channel on the weekly timeframe. Recently, it has shown signs of reversal by rebounding from the lower boundary of this channel, indicating the potential for further upward momentum.
Key resistance levels and upside targets are identified at ₹1,380 and ₹1,445. On the downside, strong support is evident around ₹1,190. Additionally, ICICI Bank has bounced from its medium-term 50-day EMA and is currently trading near its short-term 20-day EMA. A sustainable move above these levels would further confirm bullish strength and a continuation of the uptrend.
Given the current technical setup, a buying opportunity on dips up to ₹1,220 can be considered with a well-defined risk management approach. Traders targeting ₹1,380 and ₹1,445 should ensure appropriate stop-loss measures are in place to manage risk effectively. So based on the above technical structure, we are recommending a buy position in the stock for the medium to long term.
