In its latest research report, Nirmal Bang, an equity research firm said that ICICI Bank can give good returns in the near term.

According to Nirmal Bang Research, ICICI Bank can be bought with a strict stop loss of Rs 880 to achieve a target of Rs 1010.

Today (Oct 06), the shares of the company opened at Rs 920 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 928 and a low of Rs 252.75 on BSE. Current EPS and P/E of the stock stood at 35.11 & 26.72 respectively.

Apart from Nirmal Bang, technical analyst, Ashwani Gujral has also maintained buy rating on ICICI Bank.

Mr. Gujral said, "They are showing more strength than the market. Axis Bank is something which broke out to new highs and retraced a bit towards Rs 950-960 that could see levels of Rs 1050 in case the markets hold up."

"ICICI Bank hardly retraced, it was up all morning so that looks good with a stop of about Rs 880-885. I think levels of Rs 1000 could come in all that depends on the market. If 4900 goes all bets are up but till that holds up this is one space that people could participate on the long side," Mr. Gujral added.

The country's biggest lender had posted growth in its home and auto loan segment during the second quarter. The said betterment in conditions was due to in the credit market, reports Business Standard.

Mrs. Chanda Kochhar, MD & CEO, ICICI Bank stated that lending rates have bottomed out during the said period and rates will progressively start growing in the second-half of 2009.