Momentum Pick: ICICI Bank to surpass 52-week high; 27% upside seen over long term

ICICI Bank has outperformed BSE Sensex, Nifty50 and banking indices Nifty Bank and BSE Bankex, registering over 21% returns over the past 12 months amid robust Q4 earnings and technical triggers. According to Rajesh Palviya, VP of Technical and Derivatives Research at Axis Securities, the stock is in a strong uptrend across all time frames, with a series of higher tops and bottoms, rebounding sharply after recapturing its 20, 50, 100, and 200-day SMA. Sharekhan maintains a “Buy” rating on ICICI Bank with a target price of Rs 1,120. Key risks include economic slowdown, slower loan growth, and lower margins.

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