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ICICI Bank is now showing signs of a potential recovery after experiencing a significant downturn in December 2023, where prices dropped sharply from a peak of Rs 1,043 to a low of Rs 974.
The stock hit a 52-week high of Rs 2063 on 31st May 2023, but it failed to hold on to the momentum. The stock closed at Rs 1826 on 8th January 2024, translating into a fall of over 11%.
"Overall we expect markets to remain in a positive range. Stock-specific action will gather pace with the start of the earning season," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Reliance Industries is exhibiting positive technical signals. It has recently closed above its major resistance at Rs 2,593, indicating a fresh weekly breakout with increasing volume.
The PSU Bank rose from Rs 371 on 5th October 2023 to Rs 461 recorded on 5th January 2024 which translates into an upside of over 24% in 3 months.