NIFTY & BANK NIFTY - Pole & Flag

After a stupendous 'disbelief' rally in NIFTY & BANK NIFTY, it is consolidating in a bullish pattern that can be termed as Pole and Flag pattern. Read more about the pattern here.

Swift movement can happen on break of the falling trend channel. As this is a continuation pattern probability of breaking on the upside is high compared to breaking on the downside. But nothing has to be assumed & should follow the price closely for directions.

ICICI BANK - Inverted Head & Shoulders

Posting after a hiatus of more than a year. Delving straight into the post. ICICI Bank is appearing to be completing an Inverted Head & Shoulders pattern. Read more about the pattern here.

Theoritical targets for ICICI BANK based on the pattern would be Breakout Level + Height of the Head = 1240 + 460 = 1700.

It may seem too late in the day for this bullish pattern view & there might be a touch of skepticism whether the stock can go to such high levels. 

The pattern would get activated only on close above 1240. 1240 is a significant level as there are close to 3 tops around that level if you observe closely in the chart.