Buy ICICI Bank-Short term

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ICICI Bank has a pattern similar to nifty. It has recently tested a low of 847 and bounced back from there to 890 last week. The daily charts show the bollinger band bottom line at 845 and the stock has bounced almost 5 percent from there and closed very near to the middle band of 892. It has upper band resistance at 940. The stock is currently trying to sustain its 200 DMA at 888.

Traders can take long positions once the stock breaks above 892 and sustains there for an hour with a target of 940 and with a stop-loss of 863.

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