Short-Sell ICICI bank (BSE:532174)

Short-term Market Sentiment: Bearish

As per technical chart pattern, ICICI bank looks bearish in short-term time period.

• Stock is trending down after making double top around Rs. 780.
• Stock has been closing at a daily low from past 7 trading sessions.
• Currently it is trading below both EMA (50) and EMA (20)

• If a pitchfork is drawn by taking two upper points nearly at Rs. 775 and a 3^rd lower point at Rs.600, it clearly shows the market is following a down pitch fork.

By considering the above technical reasons, it could be a good time to short-sell ICICI shares at Rs. 645 with a stop/loss just above Rs. 685 with target 1 at Rs.600 and target2 at Rs.585