Anu Jain, Director of Equities at IIFL Private Wealth Management expects 4-5percent upmove in ICICI Bank. The stock has good support at about Rs 1100-1103, she adds.
Jain told CNBC-TV18, “ ICICI Bank is definitely looking oversold. It has corrected from almost Rs 1200 to about Rs 1120 level. If you look at for a longer period of time, Rs 1093 is a very good support. If you are looking from the trading perspective then about Rs 1100-1103 is a good support. Given the fact that it has corrected a lot I think there is a chance for a pullback for at least Rs 1150-1160 being optimistic. So about 4-5 percent trading bounce is definitely possible on it. So I would probably play that.”
“Overall otherwise Bank Nifty as such is not really giving a signal which is playable at the moment. It was one of the first ones which gave a breakdown but currently at about 12336 it is not giving that it is oversold or that there is any fresh action coming into it. So we will have to take on to individual stocks. HDFC Bank is giving a buy signal, IndusInd Bank is giving a buy signal and Karnataka Bank is showing that it is probably oversold, can give a bounce to about Rs 166. It is safer right now that even if you want to trade the Bank Nifty it makes sense to stick to ICICI or HDFC Bank,” Jain added.