July 11: The ICICI scrip has been of great attraction in recent time. First, FIIs are zeroing in on financial institution scrips. Bank scrips have the risk of exposure to bad debt. Not so with FIs. At least, not till now. They will in any case get into short term lending for the current fiscal. But, right now that is not on in any investor's mind.

ICICI was quoting at Rs 66 on June 3 and it moved up to Rs 85 by June 18. Then followed a period of profit booking which brought it down to Rs 76 by June 27. It has now gone up to Rs 93 by July 10.

The trading volumes have shot up to 19.2 lakh shares on July 10. This has now come down to 9.33 lakh shares. On Friday, the scrip has closed at Rs 92 after opening at Rs 93.25.

As can be seen in the chart, the scrip has failed to move higher and the technical indicators have given a sell signal. The scrip could find support at Rs 83-85 region. An excellent opportunity for short selling. But put a stop loss at Rs 96.