Ashish Chaturmohta of Fortune Group told CNBC-TV18, "ICICI Bank is on a downtrend, making lower top-lower bottom formation on daily and weekly charts. It is even underperforming most of the private sector banks like YES Bank, HDFC Bank and Kotak Mahindra Bank. ICICI Bank is looking weak, on the downside Rs 279 is an important support and if it gets broken down then the stock has a potential to correct till Rs 260-255."
"If it is a short-term trade then one should keep a stop loss below Rs 279 and if there is any recovery towards Rs 305-306 then that is the time to exit long position in the stock. Slowly it will move up and if the time horizon is for next six-nine months then one can see a move towards Rs 330-350 levels as well," he added.
At 12:05 hrs ICICI Bank was quoting at Rs 291.30, up Rs 2.75, or 0.95 percent. It has touched an intraday high of Rs 291.75 and an intraday low of Rs 287.25.
Disclosure: Analyst does not have any personal holdings.
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