Buy ICICI Bank For Short Term: Abhishek Jain, StocksIdea.com

ICICITechnical analyst Abhishek Jain of Stocksidea. com has suggested investors to buy ICICI Bank for short term.

Mr. Jain expects the stock to hit a target of Rs 800.

According to Mr. Jain, the stock may face some resistance around Rs 783 levels, but after that it can even have more upward movement.

The scrip has very strong support at Rs 704.

Shares of the bank, on Friday (Sep 04), closed at Rs 744.05, up Rs 8.05, on the Bombay Stock Exchange (BSE). The total volume of shares traded was 974,476 at the BSE. The stock hit an intraday high of Rs 753 and a low of Rs 731.40 on BSE.

The share price has seen a 52-week high of Rs 807 and a low of Rs 252.75 on BSE. Current EPS and P/E of the stock stood at 35.11 & 21.19 respectively.

Mr. Jain said that the stock is looking strong technically. Interested investors can buy the stock for short term.

ICICI Bank has allotted 30,158 shares having face value of Rs 10 per share on August 31, 2009 under the Employees Stock Option Scheme, 2000.

ICICI Bank, on Aug 24, said that it has decided to launch IPO for four divisions or sell equity stake in its insurance ventures once the administration lifts sectoral FDI limit.

ICICI Bank CEO and managing director Chanda Kochhar affirmed the news.

On consolidated basis, ICICI Bank registered an increase of 67.72% in its net profit to Rs 10,352.60 million for the three month period ended June 30, 2009.

The bank's total income fell marginally 0.20% to Rs 146,150.60 million for the period as compared to Rs 146,443 million for the same quarter last year.

On standalone basis, ICICI Bank recorded a good growth for the period under review. During the quarter, the bank's profit surged 20.63% to Rs 8,782.20 million from Rs
7,280.10 million in the same quarter previous year.

Interest income of the bank fell 9.61% to Rs 71,334 million, whereas total income for the quarter dropped marginally 2.19% to Rs 92,233.20 million, when compared with the prior year period.