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K Seshadri
It is time to start accumulating ICICI. The scrip is currently at the right price for all types of investors including the short term punters and long term players.
On Wednesday, the scrip opened at Rs 69.70 and moved to a high of Rs 69.80. The day's low was at Rs 68.35 and closing was at Rs 68.55. The scrip has in the immediate past risen from Rs 68 to Rs 74.50, when the overall market reaction brought it down. The last rise saw quite some increase in volumes.
This scrip enjoys a double attraction. It has a low bottomside risk. Its previous low was Rs 63 in June, 1998 and Rs 65.15 earlier. The fact that the scrip did not drop below Rs 68.35, the previous day's low has primed it for an upmove.
Long term investors would definitely benefit by accumulating it now. Even short term traders can look forward to the scrip moving up by Rs 3-Rs 5 in the first leg. buy. Keep a stop loss at Rs 67.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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