ICICI Bank also suffered a lot of corrections recently post its below estimate result and asset concerns (NPA). It retraced from its recent high of 393 and took support from around 316 zone and now trading around 340. Its planning to sell 5% of its Life Insurance arm (ICICI Pru Plc) for 6 BUSD (as par reports today). Going forward, NPA stress may be near its peak with expected improving macroeconomics of India in the coming quarters.
Technically, sustain above 343-345 zone, it may again scale 393-397 area. Short term target should be around 410 (after budget ?) and FY-16 target may be around 530.
On the downside, immediate support is around 333 followed by 318-316 and 312 zone.
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