ICICI Bank Limited is the second largest private bank of India and has a leading position in other financial services businesses through its subsidiaries. The bank offers a wide range of banking and financial services including commercial banking and treasury operations to large set of customers viz. large and mid-corporates, MSME, agriculture and retail businesses. The Bank’s business segments include Retail Banking, Wholesale Banking, Treasury, and Other Banking. The bank is working with a widespread network of over 5,718 branches and 13,186 ATMs across country.
| Company | ICICIBANK |
| Recommendation | Buy – Rs.968.70 |
| SL | Rs.948.80 |
| Target Price | Rs.1049 |
| Time Horizon | 2-3 Weeks |
As a large and growing company in the Banking Sector, “ICICI Bank” is currently trading at a CMP (Current Market Price) of 968.70. Over time, it consistently found support and manage higher highs. After breaking out at 985, it reached its highest ever price of 1008.70, then pulled back, and is now starting to rise again from that breakout level. Talking about indicators, the stock has found support of 50 DEMA. Additionally, stock is trading above all 20/50/100/200 exponential moving averages in Daily as well as Weekly time frame. We are expecting a potential breakout. Overall, the chart pattern looks promising after analyzing key oscillators & indicators with price, it’s a good opportunity for going long along with the stock. So one should initiate buying at CMP, which is 968.70, with a stop loss of 948.80 for the targets of 1049.00. The expected time frame for the following trade would be 2-3 weeks.
Source: Capitaline Database, EWL Research
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