Home / Business and Economy / Stocks Defy Broader Selloff: ICICI Bank, Cipla Poised for Gains
Stocks Defy Broader Selloff: ICICI Bank, Cipla Poised for Gains
29 Jul
Summary
- ICICI Bank and Cipla stocks showing strong bullish momentum
- Potential for short-term rallies toward ₹1,504 and ₹1,615 respectively
- Broader market sentiment remains weak, with sectors like realty and PSU banks declining
In the midst of a broader market sell-off, certain Indian stocks have shown resilience and are poised for potential gains in the near term. ICICI Bank and Cipla, in particular, are displaying strong bullish momentum, with their technical setups indicating the possibility of short-term rallies.
ICICI Bank's stock has closed 1.36% higher in the previous session, despite the broader market weakness. The daily Relative Strength Index (RSI) is at 65, and the Moving Average Convergence Divergence (MACD) is above the zero line, both suggesting increasing bullish strength. The stock is expected to rally toward the ₹1,504 level if it can sustain above the ₹1,480 support.
Similarly, Cipla has broken out of a rectangle consolidation pattern on the daily chart, confirming a bullish continuation. The daily RSI is at 70, and the MACD is at 5, pointing to strong underlying momentum. This technical setup supports further upside toward the ₹1,615 level, with a stop-loss recommended at ₹1,548.
While these stocks have shown resilience, the broader market sentiment remains weak. The realty sector plunged 4.07%, while PSU banks and metals declined 1.20% and 1.15%, respectively, on the back of weak institutional sentiment and broader market uncertainty. However, some defensive sectors, such as pharma, FMCG, and healthcare, managed to stay afloat as investors rotated into safer bets amid the heightened volatility.
