Hold ICICI Bank for long term, says Mukadam

Shahina Mukadam of Fairwealth Securities advised holding ICICI Bank for long term.

Mukadam told CNBC-TV18, “Technically the charts for ICICI Bank for shorter term look pretty weak. We think that one can look for a stop loss level at about Rs 1039 level below which the chart looks still worse.”
“However, fundamentally if I were to give a little longer term view, a one year view, it is one of the best place, banks in terms of valuation with a price to book of lesser than 1.5 times. Having consolidated over the last two years we see on various parameters the performance of the bank improving. So, if I was a longer term holder maybe I could have hold on or averaged at lower levels,” Mukadam added.