Stock market analysts have suggested investors to ‘sell’ ICICI Bank stock with a target of Rs 375.

According to them, interested investors can sell the stock between Rs 385-390 with a strict stop loss of Rs 409.
 
Today (Jan 21), the stock opened at Rs 381, as against its last closure at Rs 397.30 on the Bombay Stock Exchange (BSE) on Tuesday (Jan 20). Current EPS & P/E ratio stood at 37.03 and 10.28 respectively. The share price has seen a 52-week high of Rs 1300 and a low of Rs 282.15 on BSE.

In the last trading session, ICICI Bank fell by almost 4 per cent penetrating its 50-day moving average.

Analysts also suggested that if the stock fell below Rs 367, it may see more weakness. So the investors must sell ICICI Bank stock in today’s session. After selling the stock, the interested investors can purchase the stock again at a low price, for medium or long term prospective to make good profits.

Mr. K V Kamath, bank’s CEO and MD, on Jan 19, said that the bank’s interest rates are likely to come down in next six weeks.
 
Presently, ICICI Bank’s prime lending rate (PLR) stands at over 16%.

To help SMEs, the bank will cut interest rates on business loans and wholesale credit. Moreover, it will start lending at lower cost with the lowering of borrowing cost.

On Jan 15, that bank said that it has maintained the credit limit of its clients’ working at the disgraced IT firm Satyam.
 
The bank, on Jan 05, signed a deal with BSNL Cell One to permit latter’s clients to make their payments via bank’s website.

Besides the service, the bank also plans to offer online shopping facility wherein customers can pay after shopping online on a merchant’s website.

On Jan 01, the bank declared that it witnessed 50% growth in Canada, crossing $6 billion in assets and hit a client base of 250,000 in 2008.

ICICI Bank, on December 31, slashed its floating reference rate (FRR) for home loans to 13.75% per annum.

Moreover, the bank also slashed its benchmark advance rate (I-BAR) by 0.50% to 16.75% as against the present 17.25%. Alongside it has also announced a reduction in interest rates for various tenors of retail fixed deposits by 0.50% to 0.75%.