In the previous session, the Nifty index opened on a strong positive note and once again marked a new lifetime high near 16950 levels. The Bank nifty has finally given a strong positive break out from a consolidation phase. Technically, both indices have formed a bullish candle on the chart which indicates strength in the market. Hence ‘buy on dips’ will be a preferred strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, August 31, 2021’ before the market opens.

ICICI Bank Ltd

NSE :ICICIBANK   BSE :532174  Sector : Banks

In the daily time frame, ICICIBANK share prices are moving above a strong support line. A rising window occurred on the chart. As per Band Bollinger indicator, Prices are comfortably closed above the Middle Bollinger Band which is a sign of bullishness for the coming session as long as the lower Band is intact on downside. We have applied Fibonacci Projection on the chart, which indicates the possible location of support and resistance levels in any continuation trend. As per the theory, Stock comfortably closed above the 161.8% retracement of Fibonacci levels.

In short, the trend for ICICIBANK looks to be positive for now. We can expect it to reach a target of 744 levels based on our analysis. Add more on dips around 695 levels. This outlook is valid as long as we do not see any closing below lower Band Bollinger.

Check More Analysis on ICICIBANK at: ICICI Bank Ltd