ICICI Bank and HDFC Bank share price outlook: Here is what experts said

ICICI Bank and HDFC Bank are two of the hottest stocks about which investors are always looking for some extra information about whether to buy, sell or hold. Technical Analyst Nilesh Jain of Anand Rathi Securities has stepped forward and recommended a strong Buy' ón ICICI Bank. Jain said that of all the private-sector lenders, he would recommend ICICI Bank over others, followed by Axis Bank.

The ICICI Bank stock is currently trading around Rs 540. Jain said that in the near term the stock could achieve the target price between Rs 560 and 580. While it can even go up to Rs 600 over a 2-3 month period.

Jain said that the bank has posted a strong Q3 result which is positively impacting the stock. The uptick will likely continue in the future, he added.

ICICI Bank has seen a 23.8% y-o-y growth in core operating profit. NII grew by 24.3% y-o-y asset quality, the company had declared in its earnings result. The net NPA ratio decreased to 1.49% on Dec 31, 2019, from 1.60% on Sep 30, 2019.ICICI bank's y-o-y growth in term deposits at Dec 31, 2019 was at 23.6% while domestic loan growth was 16.5% y-o-y.

On HDFC Bank stock, Jain said investors can look at the stock but only with a 3-to-5-year view. 

Technical analyst Ruchit Jain of Angel Broking has said that HDFC Bank was good stock, but good returns in the near term would be tough. He reasoned that over the last 15-20 days, a good momentum has been shown by beaten-down stocks and not the established stocks. Ruchit said that somebody who wants to take a long position on the stock can include this one in his portfolio. He further said that that the stock could reach a target of Rs 1260 in two weeks' time. He puts the stop loss around Rs 1185-Rs 1200.

The current market price of HDFC Bank stocks is around Rs 1215.

See Zee Business Live TV Streaming Below

The current market price of HDFC Bank stocks is around Rs 1215.