Thursday 2 October 2008

Buy ICICI Bank below Rs 500

E Mathew also believes that one should buy ICICI below Rs 500.

Mathew told CNBC-TV18, "ICICI Bank unlike the other PSU banks and unlike HDFC Bank has clearly been an underperformer but the stock looks extremely oversold. One cannot confidently give a buy; one can give a trading buy at best because as of now your stoploss is as low as around Rs 460-465. So I would suggest that rather than going short at higher levels in ICICI Bank, one should take a contrarion view of doing a buy when it drifts down below Rs 500. One could even look for a short-term target of around Rs 602 here. That is achievable since I feel that the banking stocks are the ones, which will clearly outperform including ICICI Bank."

Posted by Harsh at 22:39

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.