In the previous session, the Nifty index consolidated with a negative bias. The Nifty index opened on a positive note but abolished all its gain in the second half of the market. Later, we have seen some recovery from day’s low. Technically, the Nifty Index formed a bearish candle on the chart and closed with a net loss of 61.80 points. A cautious approach is advisable for the next trading day. Use a trailing Stop loss method to protect your profit at higher levels.

Look at the below research report of ‘Stocks to Buy for – Thursday, June 02, 2022’ before the market opens.

ICICI Bank Ltd.

In the daily time frame, ICICIBANK share prices are moving in the form of Impulse wave pattern. As per Elliott wave theory, there is a clear impulse rise as shown on the daily chart and the stock is currently moving in the form of wave 3. As per candle technique, A bullish candle appeared on the daily chart. We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is near 20 which indicates that there is more room available on upside for the stock.

As the chart looks attractive for the short term, one can initiate buy and accumulate this stock near current levels. Add more on dips around 740 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 778 level as long as we do not see any closing below 727 levels.

Check More Analysis on ICICIBANK at: ICICI Bank Ltd