ICICI Bank stocks are down by almost 45% to 50%.
Technical Analyst said, " stocks being rate sensitive, given the high inflation the stocks are bound to be affected. That is why I am void on recommendations on ICIC Bank. An investor will not make money in the next three to six months. But overall, if one is looking for long term investment, these are good prices to buy provided one is willing to wait it out. Rs 855 is a good resistance and the support for ICICI is seen at around Rs 725 or Rs 730. It's trading right now below its 200 DMA which is way above at Rs 975, so this is a long term investment opportunity where people have to be ready to wait, for a three to six month kind of a perspective, the stock will broadly remain range bound."
, Analyst, also commented on ICICI Bank. He said the rising inflation and its impact on interest rates, the slowing of the economy and its impact on the slow down of credit off tick, has more or less been factored into the stock prices of almost all the banking stocks.
But in case of ICICI Bank, the stock is down almost about 45% to 50% from the top. It slid from about Rs 1400-Rs 1500 levels to about Rs 760 levels. There is hardly any further room for a downside because of the market sentiment. It could drift a little bit, but it doesn't make sense to exit, The stock have already been picked by investors at Rs 850 and exiting at the current levels doesn't make sense. He said that if one is willing to hold on for one year one should get back the price and maybe even a little more than that.
