Sell ICICI Bank, Havells India: GEPL Capital

GEPL Capital has come out with its report on ICICI Bank and Havells India. The research firm recommends sell rating on both the stocks.

ICICI Bank has been outperforming the Nifty for quiet some while now. It even managed to inch very close to its February 2012 peak in the previous week. However it reacted from just under the level of 998 and has registered a break down of a Diagonal pattern being formed since late July'12. The bearish break down suggests a swift decline till at least the level of 901 which is the starting point of the pattern. However the declines may not be limited to 901 and the stock may further erode value in coming few weeks if it is unable to hold the support of 900. We recommend a sell with a stop loss of 972 for a decline till 901 and below that 880 and lower levels are a distinct possibility.
Havells has been trading in a narrow range since past few weeks after reacting from the peak of 613 in the month of July. The sideways consolidation appears like an upward corrective move to the earlier decline from 613 till 532. It is likely to resolve on the downside and the stock may correct sharply till 500 and lower in coming few sessions. We recommend a sell on the stock with a stop loss of 565 for a downside target of 500 and lower in next two to three weeks. Shares held by Financial Institutions/Banks Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment

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