ICICI Bank can test Rs 475-480: Mathew

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » RELATED NEWS Hold ICICI Bank, says R Shah Hold ICICI Bank, says Bhambwani ICICI Bank’s Credit Fundamentals continue to remain sound ICICI Bank bounces back ICICI Bank among soundest int'l fin institutions: KV Kamath ALSO READ See previous views by E Mathew 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, E Mathew is of the view that ICICI Bank can test Rs 475-480.

Mathew told CNBC-TV18, In ICICI Bank the collapse below Rs 420-425 has created tremendous panic. I think now once the stock is able to sustain above Rs 420-425 today it has rallied magnificently. It has the potential to climb up slowly to about Rs 475-480 zone but I must caution that the stock needs to do a lot of base building, ideally speaking to take out the poison in the system, the stock needs to a build a very good base between Rs 405 and Rs 425 and sustain above that, to bring back the confidence into the share."

Disclosure: Analyst doesn't hold the above stock but has recommended it to his clients.