EquityPandit’s Outlook for ICICI Bank for the week (May 4, 2020 – May 8, 2020)

ICICI BANK:

ICICIBANK has also participated in the rally in the month of April and is trading near to resistance levels of 395, Its tough for the counter to close above 395, but if closes we will see sharp rally in the counter towards higher levels of 408.

On the lower side if the stock breaks the trendline support as shown in the chart above we may see huge profit booking in the counter.

Chances of correction in the counter in more as market and banknifty looks over bought in the short term charts and once we may see profit booking in overall market after the huge rally in April Month.