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Drumbeat: Ad Buzzaar
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Wednesday, August 19, 1998
ICICI likely to remain bearish
Deepak Singh Tanwar
The stock price of ICICI had witnessed a sharp fall between April and June. During this period, the stock had fallen from Rs 125 to Rs 63. However, after this fall, there had been a steady recovery and the stock recovered to Rs 85 during the first week August.But the stock failed to sustain this recovery. With the latest fall to Rs 71.30, the stock has broken its two-month trendline. This is a bearish signal and hints at a bearish outlook. In the process, the position of oscillators like RSI and MACD has also weakened. While the 21-day RSI is in negative mode, the medium term MACD has also dipped below to the triggerline. All these factors suggest that the stock is likely to remain weak in the near future. As such, investors having long exposure can make an exit at the current level. Re-entry can be considered at lower levels.
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