ICICI BANK; STRATEGY

CMP 911                  BSE 17361

• The Stock has a long term base in place at 840 closing basis levels which has not been breached since 19/1/2012. In fact I daresay that even 850 closing basis is a great support for the scrip.
• In the last 3 downlegs in the past month the closest that the Scrip came to 850 closing was on 6/3/2012 when it closed at 853.2 after touching an intraday low of 850.3. On 7/3/2012, the scrip touched an intraday low of 843 but rebounded smartly to close at 861.
• I won't dwell on the Fundamentals as we have already discussed them at length in earlier posts on the Scrip but suffices to say that the Scrip is a must-have in any long term Portfolio.
• So friends play the Rate Cycle reversal and BUY on all dips as close to 840-850 levels as possible and hold long term for a target of around 1250 in 12 months.

 SEE EARLIER POSTS ON ICICI BANK RIGHT HERE