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Hold ICICI Bank, says Bhambwani
Technical Analyst, Vijay Bhambwani is of the view that one should hold ICICI Bank. It has established and activated support at Rs 236. A strong and long-term uptrend will commence once the stock starts trading consistently above Rs 620 levels.
Bhambwani told CNBC-TV18, "In ICICI Bank I think Rs 326 is now established and activated as a support. On the upsides in the short to medium-term Rs 565 and Rs 620 are the two levels that I would watch out for. A strong and long-term uptrend will commence once the stock starts trading consistently above Rs 620 levels. Trading volumes spike up sharply."
He further added, "The open interest in the F&O space starts to tell me that commitment of traders especially the bulls has seriously scaled up and that would take it all the way up to probably Rs 700-750 or maybe even more then Rs 800 levels. But this process is likely to take quarters rather than weeks or months, so dollop of patience is required and the downside from here is fairly limited. So the risk reward ratio tells that one should hold on. Should one actually see 8-10% decline from here, long-term investors might even want to dig the heels into this counter."
