Tuesday, October 27, 2009

Icici Bank (IBN) Down Sharply Today

We track the top financial institutions here.

Icici Bank, symbol IBN, is down heavily today as you can see from the chart above. This is why these charts are so useful. These financials lead the market.

Singapore state investor Temasek has cut its stake in Icici, India's second-biggest lender, to 5.76 percent as of September 30 from 7.6 percent at the end of June, Bombay Stock Exchange data showed. The Government of Singapore Investment Corp., the city-state's bigger fund, also trimmed its stake in ICICI (IBN) to 1.53 percent at the end of September from 1.66 percent at the end of June.

Red daily alerts were issued for Icici on Octover 21:

(please click to enlarge)

Here is the performance of the above alerts, as per Ino's alert tool. The down trend was beautifully indicated (green is buy, red is sell above):

Above is the performance of $10 invested on Jul 6 2009, following each alert, compared to a Buy and Hold strategy: +27.5% versus +5.5%, not bad.

(Access free trial to tool through this link).

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