Chart Check from Emkay Global for Friday, March 23: ICICI Bank, Tata Steel

Buy: The stock seems to have made a temporary bottom at the support of 200-day MA, with the formation of a bullish Engulfing pattern. Moreover, after the weekly “Hammer” of 9th Mar, 2012, yesterday’s positive close suggests start of a fresh wave 3 impulse, whose target comes at 1000-level. Maintain a stop loss of 895.

Buy: The stock has given a breakout from the falling trendline i.e. is drawn connecting the highs of 500 and 473. Moreover, the stock has reversed after finding support at the 200-day MA and hence we feel it can rise up to 525-level. Maintain a stop loss of 448.