Buy ICICI Bank, PNB, recommends Vinay Rajani of HDFC Securities

The technical analyst expects the NSE Nifty to face resistance around 17,773, while suggests to hold longs on the Nifty with a stop at 17,200.

From the recent bottom of 16,836, the NSE Nifty has risen almost 800 points towards 17,622. At 17,600, the Nifty completed the 50 per cent retracement of the entire downswing seen from 18,351 to 16,836. The next resistance for Nifty is seen at 17,773, which happens to be 61.8 per cetn retracement of the downswing. Support for the Nifty has shifted at 17,200 and that can be kept as a stoploss in trading long positions.

Buy ICICI Bank
Reco Price: Rs 811.45
Target: Rs 850
Stop Loss: Rs 770

ICICI Bank has broken out from the bullish Flag