July 16, 2018 / 7:05 AM / in 4 months

BUZZ-India's ICICI Bank hits near 9-month low; technicals suggest further downside

** Shares of ICICI Bank Ltd fall as much as 4.2 pct to 256.5 rupees, lowest since Oct 24, 2017

** Stock breaks below a support at 264.1 rupees, the 50 pct Fibonacci projection level of the correction from Jan. 29 high to April 2 low reut.rs/2LiQQeh

** This suggests stock may fall up to the next support at 251.45 rupees, the 61.8 pct projection level

** Stock’s wave pattern suggests it’s in wave C of a three-wave correction. If the current wave travels the same distance as the wave A, it may lead to a price fall up to 210.62 rupees

** Trend Intensity (TI) indicator rises to 19, suggests stock is in early stages of a downtrend; MACD is also negative and below its signal line

** Stock down 14.73 pct this year as of Friday, compared with a gain of 4.64 pct in the broader NSE Index (Reporting by Gaurav Dogra)

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