Karvy Stock Broking Limited has suggested investors to 'sell' ICICI Bank stock as there are full chances of a downward trend in this stock.

According to Karvy, investors can sell the stock below Rs 850 with a strict stop loss of Rs 860 to achieve an intraday target between Rs 835-830.

Today, the shares of the bank opened at Rs 857 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 983.70 and a low of Rs 252.75 on BSE.

Current EPS and P/E of the stock stood at 35.33 & 24.56 respectively.

Karvy also suggested that if the stock fell below Rs 826, it may see more weakness.

So the investors must sell ICICI Banl in today's session. After selling the stock, the interested investors can purchase the stock again at a low price, for medium term prospective to make good profits.

India's major private sector lender ICICI Bank can shortly function as a local bank in Singapore, accompanying an in-principal authorization from the city-state.

A top Commerce Ministry representative said that Singapore has given an in-principle nod to the banking institution as a qualified full bank (QFB) grade.

There are a few rules and regulations, which require to be finished, official said, adding, the early sanction came some time back, which would permit ICICI Bank to launch around 25 divisions in Singapore.

Following the QFB grade the bank will be permitted to establish divisions, ATMs, take deposits and give out loans like a local banking institution in Singapore.