📷 Image Credits: Moneycontrol
HeadlineFly.com presents trading insights and market analysis for ICICI Bank and State Bank of India. On August 4, the Indian market hit a fresh record high with the Nifty50 reaching 16,290 and the Sensex touching 54,465 levels. The banking sector led the rally, with strong buying seen in banks, finance, and power stocks. However, profit booking affected telecom, realty, consumer durables, and FMCG stocks. The S&P BSE midcap and smallcap indices fell 1 percent each, underperforming the benchmark indices. ICICI Bank closed with gains of over 3 percent, while State Bank of India rose by about 2 percent.
Ruchit Jain, Senior Analyst- Technical and Derivatives at Angel Broking Ltd, recommends a positive bias for ICICI Bank as it continues to show relative outperformance and forms a ‘Higher Top Higher Bottom’ structure. Traders are advised to watch for support in the range of Rs 690-Rs 700 and resistance around Rs 735-Rs 740. On the other hand, SBI has consolidated in a narrow range but is in an uptrend. The stock rallied post quarterly results and is supported by good volumes. Traders are advised to ride the trend with support around Rs 445-Rs 440, trailing stop-loss higher to capture the uptrend.
It is essential for investors to consult certified experts before making any investment decisions in the market.