ICICIBANK: The Last Line of Defense for Nifty and Bank Nifty

“Once ICICIBANK decisively breaks below the 1458 cash level, the crucial downside protection it provides to the broader indices is likely to disappear. Given its significant weightage on both the Nifty and Nifty Bank, such a move would trigger increased pressure on the indices to breach their own supports.
Should ICICIBANK capitulate below 1458, we could anticipate the stock dropping towards 1440 and 1421 on a cash basis in the coming days.
ICICIBANK and HDFCBANK currently stand as the only stocks effectively holding the markets above their critical support thresholds.”