ICICI Bank share price to rise 70 pct; Money-making opportunity, say these experts

ICICI Bank share price has crashed around 34 per cent in the last one month, from Rs 541.20 per stock levels to current Rs 355. According to stock market experts, ICICI Bank share price today is at a high valuation and it is one of the top shares to buy today at the current market price in one-year time horizon. They said that the share price will rise up to Rs 600 in 12-months. They are of the opinion that ICICI Bank stock's technicals and fundamentals are showing upside momentum and investors can buy it with a stop loss of Rs 330.

On ICICI Bank shares fundamentals, Anand Dama, Research Analyst at Emkay Global said, " Amid the Covid-19 scare risking daily life, the immediate focus is on business continuity, customer convenience and normalizing business as the risk recedes. ICICI Bank’s strong digital platform should help limit the impact in such events." Dama went on to add that ICICI Bank's long de-bulking strategy has led to limited exposure to corporates recently under stress, in-turn leading to moderate NPA formation.

See Zee Business Live TV streaming below:

On how ICICI Bank has learned from history, Dama said, " Learning from its post-Lehman crisis debacle and even witnessing run on deposits, it has created a strong liability franchise, delivering best CASA ratio among large players (around 47 per cent). The bank believes that any rate cut by the RBI may put pricing pressure, but better CoF, improving LDR, higher retail orientation and moderating pace of NPA formation should help protect its NIMs."

On ICICI Bank share forecast Dama said, "Portfolio investors of the stock market can buy ICICI Bank shares at current market price for the target of Rs 600 in 12-month time-horizon."

Batting strongly for the ICICI Bank shares, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "ICICI Bank shares are at a very attractive valuation as they have been hammered very heavily in the Coronavirus-hit market. I would suggest stock market investors to buy ICICI Bank at around Rs 350 per stock levels for the long-term. However, I would advise them to keep the strict stop loss below Rs 330 as this is a strong support for the ICICI Bank shares."