Book profits in ICICI Bank: Gujral

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Book profits in ICICI Bank: Gujral

Technical Analyst, Ashwani Gujral is of the view that one should book profits in ICICI Bank and let it do some range trading around Rs 360 it becomes a good buy. The further resistance if it can cross Rs 460 is around Rs 518.

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Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » RELATED NEWS ICICI Bank continues to gain ICICI Bank can touch Rs 460: Gujral ICICI Bank adds 32 lakh shares in OI ICICI Bank can test Rs 475-480: Mathew ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about ICICI Bank See messages about ICICI Bank ICICI Bank BSE | NSE 10/02/12 Are Mutual Funds betting on ICICI Bank?

Technical Analyst, Ashwani Gujral is of the view that one should book profits in ICICI Bank .

Gujral told CNBC-TV18, "ICICI Bank chart is a very weak chart though it has bounced back but it needs a significant amount of base building at lower levels. So if somebody bought at Rs 360, he/she probably needs to book profits right now and let it do some range trading around Rs 360 it becomes a good buy. The further resistance if it can cross Rs 460 is around Rs 518."
 
He further added, " Axis Bank is a much better chart. It is rangebound between Rs 550 and on the upper side around Rs 775-800. But the best private banking chart is the HDFC Bank chart and it's consistently being showing strength. So if anyone needs to be in private banking HDFC Bank should be the choice."
 
Disclosure: Analyst doesn't hold the stock but have recommended it to the clients.