Buy ICICI Bank, target price Rs 590: Kotak Securities

Buy ICICI Bank, target price Rs 590:  Kotak Securities

Kotak Securities has buy call on with a target price of Rs 590. The current market price of ICICI Bank Ltd. is Rs 571.4.

ICICI Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 394580.60 Crore).

For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 40454.45 Crore, up 2.88 % from last quarter Total Income of Rs 39321.42 Crore and up 5.43 % from last year same quarter Total Income of Rs 38370.95 Crore. The bank reported net profit after tax of Rs 5498.15 Crore in latest quarter.

Investment Rationale
Reversal candlestick formation is near an important support zone on the daily chart with incremental volume activity is apparent for fresh up move.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of Dec 30, 2020, while FIIs held 58 per cent, DIIs 34.3 per cent and public and others 7.7 per cent.

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