ICICI Bank has target of Rs 870-880: Bhamre

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ICICI Bank has target of Rs 870-880: Bhamre

ICICI Bank has target of Rs 870-880, says Siddharth Bhamre, Angel Broking

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Siddharth Bhamre See what other Experts & Brokerages are saying about ICICI Bank See messages about ICICI Bank

ICICI Bank has target of Rs 870-880, says Siddharth Bhamre, Angel Broking.

Bhamre told CNBC-TV18, "We have been contemplating that 9200 is the resistance considered by many. But the way pessimism was there in the market and FII's were buying and especially the banking counters like Axis Bank , ICICI Bank and State Bank of India (SBI), the way they were showing strength it was quite evident that this 9200 level has to go."

He further added, "Now what we are observing from bank Nifty, in November and December we have seen huge rollover because lot of people were bearish on the banks because interest rates were going up. And now we are seeing the rollover figures were less. If you look at the rollover figure 44% is less than Nifty's 51% and in last 4-5 months I have been observing that bank Nifty rollovers are higher than Nifty. So this clearly indicates that lot of short positions are not getting rolled over in bank Nifty."

"Lot of guys were short and hence we were bullish on bank Nifty. Now we are seeing that the shorts are reducing in bank Nifty. So not immediately the momentum is not going to stop, the upside momentum would continue. But now there is some space for formation of fresh short positions in bank Nifty. What I think now is 9800 to 10000 would be very strong resistance and if you continue to stay long for further 300-400 points and that would be the point where one should book profit and move out of bank Nifty."

"Similarly from stock perspective majors like SBI, ICICI Bank and Axis Bank especially on ICICI Bank we are slightly bullish from current level as well. We feel there is an upside target of around Rs 870-880 in ICICI Bank. So these are few trades, which we would continue to hold along the long side. We won't short immediately right now in bank Nifty or major banks. So we are not bearish at this point of time but the quantum of bullishness or the intensity of bullishness which we had from lower levels that would slightly start reducing over a period of time in next 1 week or so."