I don’t track ICICI Bank fundamentally, but even with good results, stocks correcting 20-30% from their swing highs is nothing new in the market we are in currently. And if we add the Adani imrboglio to it, it looks like a routine correction. Its how these kind of situations unfold once all the negatives are out of the way and markets resume uptrend that is important.
In stock markets there is something called price performance gap. ICICI Bank is one of the most tracked companies and its results are largely expected and predicted by a lot of brokerages/analysts tracking it. If the performance (usually quarterly results) is a big surprise, a big move is expected. Recent example of this has been seen in Apar Inds, which reported blockbuster numbers for q3 fy 23. However in such examples we have to be careful in extrapolating numbers because at times these kind of results are seen when margins are at peak, which at any time might come off. ( I don’t track Apar, so not much idea, but had seen the price action to results and hence put it up here as an example. )
@Shakti_Srivastava I don’t track Affle India. Charts indicate a short term double bottom breakout and hence there can be a bounce. Not too sure about medium term charts on weekly charts.
@ram1984 I don’t track Apar or permanent magnets. I alluded to Apar chart in above paragraph.
@Meet_Gandhecha I don’t track IIFL finance.
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