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Buy ICICI Bank below Rs 500: Mathew
Technical Analyst, E Mathew is of the view that one can buy ICICI Bank below Rs 500. One could even look for a short-term target of around Rs 602 here. That is achievable since the banking stocks are the ones, which will clearly outperform.
Technical Analyst, E Mathew is of the view that one can buy ICICI Bank below Rs 500.
Mathew told CNBC-TV18, "ICICI Bank unlike the other PSU banks and unlike HDFC Bank has clearly been an underperformer but the stock looks extremely oversold. One cannot confidently give a buy; one can give a trading buy at best because as of now your stoploss is as low as around Rs 460-465. So I would suggest that rather than going short at higher levels in ICICI Bank, one should take a contrarion view of doing a buy when it drifts down below Rs 500. One could even look for a short-term target of around Rs 602 here. That is achievable since I feel that the banking stocks are the ones, which will clearly outperform including ICICI Bank."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.
