ICICI Bank can move to Rs 1050-1060: Shardul Kulkarni

ICICI Bank has given a very strong move from around Rs 900 straight up to Rs 1000 and still counting going further. It has the potential to move around Rs 1,050 to Rs 1,060, says Shardul Kulkarni, Sr Technical Analyst, Angel Broking.

Kulkarni told CNBC-TV18, "On private banks we have been quite bullish except for Axis Bank. We have been bullish on ICICI Bank as well as SBI. Fortunately, ICICI Bank has given us a very strong move from around Rs 900 straight up to Rs 1,000 and still counting going further. I feel that ICICI Bank has the potential to move around Rs 1,050 to Rs 1,060. While one may argue that, you are already seeing negative divergence on the charts. How can one remain bullish but the momentum is so strong on the index, I feel that you will see Bank Nifty moving much higher probably reaching around 11,200.” He further added, “So that rally will be largely led by three stocks, one is HDFC Bank, wherein we are expecting Rs 630 to Rs 635 on the upside. ICICI Bank wherein we expect the stock to move to around Rs 1,050 to around Rs 1,065 and the third one would be SBI wherein I am expecting a move to around Rs 2,100 levels in the near future. The time frame would be around 2-3 weeks but I think going forward bullish at these three banks rather than being long in case of the PSU lower banks." Disclosure: It is possible that we have positions in the above stock and we have recommended them to our clients.