ICICIBank, despite declaring fairly good results, has gotten hammered recently:
(Click for a larger picture)
Their consolidated EPS went up 71% in the Dec 2010 quarter.
Technically, the stocks gone through a Silver Cross (50/100 DMA crossover) and has just moved below it’s 200 DMA at 1018. It has at a critical support level at 1000 – a level that was resistance on the way up and is likely to be a support level on the way down. If it breaks this, it looks easily on the way to 900.
Another positive is that volume has been drying up recently – and the market will want some kind of a pullback; the key is to see if that will take it beyond the 1085 high (which will break the downchannel and the down trend)
Negatives are that literally all indicators (MACD, RSI, OBV, Acc/Dist) are bearish, it is below most long term averages, and the downvolume is quite high compared to up vols.
Disclosure: short, at the moment. I could change direction, anytime, without telling you.
