Buy ICICI Bank on dips: Bhambwani

April 28, 2008


Technical Analyst, Vijay Bhambwani is of the view that one can buy ICICI Bank on declines.

Bhambwani told CNBC-TV18, “I am bullish on the private banking space, from a technical point of view and I think as far as ICICI Bank is concerned, Rs 750 is a very strong support base, from my point of view. On the upside in the short to medium term, you would see Rs 1020 or Rs 1025 being tested. With higher volumes and increase open interest, it would signal higher commitment from the Bulls, and that would take the stock up all the way to Rs 1200 or Rs 1250 plus, in a 6 quarter time frame. So from my point of view, it’s a buy on decline, probably you may have to leave a little room for averaging should the markets actually come down, you may want to stagger your purchases into two or three lots.”

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