Technical 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 925.

According to Mr. Jain, the stock may face some resistance around Rs 894 levels, but after that it can even have more upward movement.

The scrip has very strong support at Rs 802.

Today (Sep 22), the shares of the company opened at Rs 843 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 881.95 and a low of Rs 252.75 on BSE. Current EPS and P/E of the stock stood at 35.11 & 24.24 respectively.

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

ICICI Bank, on Sep 17, has settled down its point of sale (PoS) terminals. The bank has decided to sell its point of sale assets to First Data Corp for an aggregate value of $80 million.

The assets will be diverted into a JV along with First Data where the latter will possess an equity stake of 81 per cent whereas ICICI Bank would hold the remaining stake. ICICI Bank will pay $15-16 million for its 19% holding stake in JV.

ICICI Bank, on Sep 09, has seen growth again happening for home as well as auto loans during the second quarter owing to progression in conditions in the credit market.

Chanda Kochhar, MD & CEO, ICICI Bank, stated that loaning rates have bottomed out in the second quarter and rates will steadily start going up in the second-half of 2009 with a growth in credit off-take.

The bank has allotted 30,158 shares having face value worth Rs 10 each on August 31 under ESOS 2000.