Technical Analysis of ICICI SECURITIES & ICICI BANK

1. Stock name: ICICI Securities Ltd.

Pattern: Double bottom and Pennant flag patterns

Time frame: Weekly

Observation:

After reaching its highest point in October 2021, the stock experienced a subsequent downtrend. This was followed by a period of stabilization and sideways movement starting from June 2022. Within this timeframe, the stock exhibited a bullish double bottom pattern on its weekly charts. Additionally, a breakaway gap up occurred in the last week of June 2023. Presently, the stock is undergoing a slight consolidation and has also formed a pattern resembling a pennant flag. Notably, the stock's Relative Strength Index (RSI) stands at a favourable level of around 65. According to technical analysis, if the stock is able to break away from the current consolidation and pennant-like pattern it may move further upward.

Vital Information for Our Readers: ICICI Securities Set to delist and merge, transitioning into a 100% subsidiary of ICICI bank in the coming 12-15 months following necessary regulatory clearances.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

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2. Stock name: ICICI Bank Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) The Gangwal family, promoters of IndiGo Airlines, is set to sell a $450 million stake in the company through a block deal with Morgan Stanley, JPMorgan, and Goldman Sachs, offering 5.6% of shares at a floor price of INR 2,400 ($32.27) each. IndiGo Airlines reported a Q1 net profit of INR 3,090 crore ($414.98 million) and a revenue of INR 17,160 crore ($2.30 billion).

2) Mahindra & Mahindra aims to expand its global tractor market presence by leveraging its new OJA brand, intending to double tractor exports within three years and enter nearly a dozen new markets. With the goal of being present in nearly every country, Mahindra currently sells tractors in 13 markets, including India.

3) The government has raised the windfall profit tax on domestic crude oil to Rs 7,100 per tonne from Rs 4,250 per tonne, and also reintroduced the levy on overseas aviation turbine fuel (ATF) shipments.