ICICI WEEKLY

ICICI WEEKLY
The weekly charts are showing –ve divergence on MACD and MOMENTUM lines hence its better not to take large positions in the stock and for a longer duration , instead if any one wants to trade in it then better take small positions ( half of the usual quantity) and that too for 2—3 days. For the several past weeks it hasn’t been able to clear the resistance at 810 and the weekly candles have been getting smaller along with diminishing volumes thus warranting caution. Support comes in at 715-710 area on the candles and also due to fibo ratios, 684 is also a support area to watch for.
On the OI front
The 800 calls have significant open positions suggesting call writing at 800, on the put side 740 put options have large quantity of open positions suggesting put writing and suggesting support in the area of 740-720.