Hold ICICI Bank: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that one should hold ICICI Bank.

Bhambwani told CNBC-TV18, "In ICICI Bank Rs 460 is what we have seen as a recent low on this counter. I do not rule out the possibility of ICICI going down all the way down to Rs 460 again. Possibly if the market does crumble maybe even violate that but then along with ICICI every sector along with the banking space to a varying degree might also feel the pain. Having held on to it for so long and having seen more than 50% erosion in your capital, I do not think booking such a big loss is something that I would advocate."

He further added, "The emotional damage is much more significant compared to the financial damage probably it will drive out the investor out of the equity markets completely. So I think one should hold on to this stock, monitor Rs 620 a level, which is where I think a threshold of crossover, might occur. Should the stock actually start to trade consistently above Rs 620 levels with increased volumes, higher commitment of traders in the F&O space then you could say that the bottom has been made and the stock is headed higher. Till such times one should hold on."

Disclosure: Analyst doesn't hold the above stock.

Source: MoneyControl