Just rushing through ICICI Bank volume profile chart on the go. ICICI trading at attractive levlels of around 860 right now. Now looking at the volume profile and combining at O.I data, upside in ICICI looks capped @ 880 to maximum 900 and hence giving a chance to execute shorts as well as bearish strategies.
Though Nifty being in a clear uptrend so it is advisable to short ICICI bank in 2-3 legs in this coming weeks till the price action decodes itself in the range of 850-900. Currently one can buy and hold 860 put which is trading @23-25 Rs. Futures as usual in this series is still trading at discount though discount has shrinked, but volume is still not in favour of bulls.
Second strategy, a conservative one can also be executed if Nifty at all witness a sparking move above 5200 and ICICI moving above 900. Strategy is to short 1 lot of ICICI Bank Futures @ CMP and buy 2 lots of 920 call of current series which is barely trading at 1 Rs. This strategy gives a lot of room to play on both the sides and has a good earning potential.
Hope you liked it.
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