ICICIBANK : Make or Break

ICICIBANK recently has been in midst of some serious price volatility. Recent pice action on the 75min time frame resembles that of an inverted “V” as the stock now deals with immediate supports at (340-345). The erstwhile breakout above 380 has proven to be a failure as the stock reverses quickly to shift back into a short term down trend. The current zone of supports close to 340 is crucial for the stock and a break below this will very likely infuse fresh selling pressure. The stock is attempting a short term bounce back which is likely to face resistance at (365-375) zone. Strategically one should not be too bullish on the stock at this juncture. The two main reasons behind my inhibition are - firstly, the recent behavior of failing the breakout, and secondly the fact that the stock is again back to crucial supports a break below which can lead to serious weakness. Trade Well.