Technical analyst Abhishek Jain of Stocksidea.com has suggested investors to buy ICICI bank stock for short term.

Mr. Jain expects the stock to hit a target of Rs 880.

The bank is presently trading around Rs 740-750 level.

According to Mr. Jain, the stock may face some resistance around Rs 831 levels, but after that it can even have more upward movement.

The scrip has very strong support at Rs 712.

The shares of the company on Friday (July 03), closed at Rs 754.05 on the Bombay Stock Exchange (BSE). The total volume of the shares traded was 1,838,373.  The stock hit an intraday high of Rs 760 and a low of Rs 715 on BSE.

The share price has seen a 52-week high of Rs 797 and a low of Rs 252.75 on BSE. Current EPS and P/E of the stock stood at 33.76 & 22.34 respectively.

Mr. Jain also said that the stock is looking strong technically, and it is looking great to buy for short term traders and investors.

ICICI bank and its merchant banking arm, ICICI Securities (I-Sec), on June 30, signed a contract, whereby all M&A (mergers and acquisitions) transactions will be done by ICICI Bank.

The contract goes on to describe an M&A deal as one which involves change in management control.

This arrangement puts back the earlier practice of both I-Sec and ICICI Bank working jointly on M&A deals.

ICICI Bank, in June 22, said that it plans to save up to $270 million in 2009 by slashing sales force and other costs.

According to the ICICI Bank, they have been rationalizing their direct marketing agents, direct sales agents force, renegotiating rental and wage management.

The bank guaranteed that these measures would save around Rs 13 billion in the existing fiscal.

On the same day, ICICI Bank allotted 19,875 equity shares pursuant to conversion of options under the Employees Stock Option Scheme, 2000 (ESOS).