Wednesday, 19 November 2008

ICICI Bank has resistance at Rs 390-410: Mathew

Technical Analyst, E Mathew is of the view that ICICI Bank has resistance at Rs 395-400.

Mathew told CNBC-TV18, "ICICI Bank is a great stock but yet I feel that technically it’s not looking that strong at best. Rs 390 to Rs 410 of a huge resistance and I would advice to sell out at that particular level."

He further added, "The Nifty to a great extent depends to a moment in Reliance. We are heading into a resistance territory on this stock but if this stock is able to cross over the Rs 1290 zone, hopefully we would be heading to Rs 1400."

Disclosure: Analyst, his family members and his group companies do not have any position in the above stock.

Source: Moneycontrol

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