Short ICICI Bank: JK Jain

JK Jain of Karvy Stock Broking is of the view that one can short ICICI Bank with a target of Rs 1050.

Jain told CNBC-TV18, " ICICI Bank post result has seen grind down, slowly it has underperformed the other banking peers. We expect the underperformance to continue. The stock has given a major breakdown; it is trading close to around 12 weeks lows. So we expect downside in the stock in the near term as well. One can initiate a fresh short position even at the current level which is around Rs 1100-1105. We expect the stock to test its 200 day moving average which is close to around Rs 1040-1050 levels. One can initiate short positions at current levels of Rs 1105 keeping a stop loss above Rs 1125 for downside target of Rs 1050-1060 in the near term."

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