ICICI Bank can test Rs 800: Anu Jain

Anu Jain, VP-IIFL Private Wealth Management at India Infoline is of the view that ICICI Bank can test Rs 800.

Jain told CNBC-TV18, "I am sticking with ICICI Bank and it was oversold and then it came back to about Rs 750-760 levels yesterday towards the close. The fact remains that I think if this index has to move beyond 4,700 that we are looking at, we need moves basically coming into three sectors such as banking, oil and gas and real estate and apart from that infrastructure because out of that the banking and infrastructure hasn’t moved over the last one month to the extent that it can. I think not just ICICI Bank; whether it is private banks like Yes Bank, HDFC Bank, Axis Bank they are all showing a relative amount of more strength than what the public sector banks are doing. So probably they will lead the game. It is consolidating today after making a huge move yesterday. But I feel that this is one counter, which can definitely test Rs 800 levels - Rs 785-805 is more the resistance zone. But beyond that I think there would be a breakout in the entire sector. So I would plan to stick with it, it is a swing call; definitely Rs 805 is on the cards.”