ICICI Bank has target of Rs 1125: Anil Manghnani

ICICI Bank has target of Rs 1125, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "You still have to assume that the unfinished target on the Bank Nifty is about 11900. It has come off from about 11600-11700, but I think as long as it is holding 11200 it will still have that potential to go back up. You would have to believe that the leader will still be ICICI Bank. It has an unfinished target of about Rs 1,125."
He further added, "You could also see some of the PSUs play catch up. If you look at the move I think yesterday if I am not mistaken an OBC hit a downward support and then bounced sharply. So I think the PSU banks, let’s be honest I have mentioned this before but taking an SBI with the Bank Nifty at a 52-week high, SBI is nowhere near Rs 2,475, that’s still a Rs 200 move away from the February highs. So even if it had to play catch up to the rest of the market and reach its previous high that’s an 8-10 percent move. So I think it will be a mixed bag, but I would like to see the PSU banks actually play catch up."