ICICI Bank; RSI and stock closing above its 50 DMA

Buy ICICI Bank Ltd in the range(Rs1,170-1174) Target Rs1235: After forming an inverted head & shoulder on the hourly chart, stock has signaled a breakout and has been sustaining above the breakout levels of Rs1160 quiet comfortably. The support trend line drawn from troughs of October 2010 is reinstated affirming the long term uptrend in the counter and with prevailing positive crossover in the RSI and stock closing above its 50 DMA, it has voided negative trend in the counter. One can also see a formation of H&S bottom in RSI which support buying argument in the counter.We advise buying stock in the range of (Rs1,170-1,174) with stop loss of Rs1,147 for Target of Rs1235.