ICICIBANK: Time Cycle & Price Point to Lower Targets

ICICIBANK has been trading within a narrow range since late January, suggesting a period of consolidation.  I anticipate a downside resolution to this consolidation phase, primarily due to the stock’s proximity to a significant time cycle date of February 14th.  From a price perspective, the 1232 level represents a key support.  A break below this support could pave the way for further declines towards 1201 and subsequently 1161.  A sustained move below the low established on February 14th would likely accelerate the downward trend.