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i made a fundamental and technical analysis on ICICI BANK share and report also consists some ICICI mergers

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Recommendation

Of

ICICI BANK

Submitted to Submitted by

Prof .Sridevi Rammohan Atmakuri

Report on Fundamental & Technical Analysis of ICICI BANK

ACKNOWLEDGEMENT

Nothing can be gained or acquired without hard work which leads to success.

The success of my work is the amalgamation of my hard work, my knowledge and

pain.

We deeply grateful to my Prof SRI DEVI, who graciously spared her time to

share her views and who‟s unstinted support and cooperation enabled this project

to see the light of the day. We were thankful and immensely obliged for her

constant guidance and words of inspiration

project and provided the wifi & computer lab.

For completion of our project we thankful to our in formats that provided us with

required inputs and information which are the requisites of my project.

Above all we have no words to express my gratitude to the almighty GOD who

blessed us the wisdom and enlightened us to complete this project.

Last but not the least, I specially wish all my friends a vote of thanks as without

their valuable supports this report would have not been possible

Report on Fundamental & Technical Analysis of ICICI BANK

BSE NSE

CODE 532174

ISIN Demat INE090A01013 INE090A01013

52 HIGH 1173.65 1170.00

52 LOW 804.40 712.00

MARKET CAP 1293364.96

VOLUME 172687 2198705

the quarter are in line with our thesis that the bank would see an RoA improvement

with improving margins, costs well managed, and significant asset quality

improvement on a growing balance sheet. I reiterate Outperform rating with a

target price of Rs. 1,200.

Report on Fundamental & Technical Analysis of ICICI BANK

Analysis

Report on Fundamental & Technical Analysis of ICICI BANK

Fundamental Analysis

A method of evaluating a security that entails attempting to measure its intrinsic value by

examining related economic, financial and other qualitative and quantitative

factors. Fundamental analysts attempt to study everything that can affect the security's value,

including macroeconomic factors (like the overall economy and industry

conditions) and company-specific factors (like financial condition and management).

The end goal of performing fundamental analysis is to produce a value that an investor can

compare with the security's current price, with the aim of figuring out what sort of position to

take with that security (underpriced=buy, overpriced= sell or short).

Economic analysis

The economic analysis aims at determining if the economic climate is conclusive and is capable

of encouraging the growth of business sector, especially the capital market. When the economy

expands, most industry groups and companies are expected to benefit and grow. When the

economy declines, most sectors and companies usually face survival problems.

Hence, to predict share prices, an investor has to spend time exploring the forces operating in

overall economy. Exploring the global economy is essential in an international investment

setting. The selection of country for investment has to focus itself to examination of a national

economic scenario.

It is important to predict the direction of the national economy because economic activity affects

corporate profits, not necessarily through tax policies but also through foreign policies and

administrative procedures.

Gross Domestic Product (GDP)

Monetary policy and Liquidity

Inflation

Interest rates

International influences

Consumer sentiment

Fiscal policy

Influences on long term expectations

Influences on short term expectations

Report on Fundamental & Technical Analysis of ICICI BANK

India's economy expanded 8.8% in the second quarter from a year earlier, compared to an 8.6%

on-year expansion in the first, lifted by robust activity in manufacturing. Agricultural output

along with strong development in the Industrial, Mining and banking sector have helped to boost

the Indian economy. Agricultural output raised 2.8 per cent y-o-y thanks to improved harvests.

Industrial production increased by 12% and in the mining sector by 9%. According to 2010 data

the shares of banking sector value add in GDP has been increased 7.7% from 2.5%.The

forecasters have assigned highest 29.6 per cent chance that it will fall in 6.0-6.9 per cent in 2010-

11. They raised their forecasts slightly for agriculture growth to 4.0 percent from 3.5 percent, for

industry to 9.0 percent from 8.1 percent and for services it was steady at 9.0 percent. The

survey showed the economists expect GDP growth in the April-June quarter to be 8.1 percent up

from 7.9 percent in the last survey. For the July-September quarter, GDP growth is placed at

8.3 percent. The Reserve Bank of India has stated that it had seen an annual growth of 8.5%

steadily. The main priority of the Reserve Bank is to curb the ongoing inflation, which peaked at

11% last month. Interest rates have been increased by the banks to contain the inflation, but it

could slow down the growth of the Indian economy in the coming months. But even thought

there has been a rise in the interest rates there hasn‟t been much change in the distribution of

loans, the Indian customer is hardly affected with the hiked interest rates.

Agriculture 20% 20% 17% 17% 17% 15.80%

Industry 26% 26% 29% 29% 28.20% 25.80%

Services 54% 54% 54% 54% 54.90% 58.40%

100% 100% 100% 100% 100% 100%

Almost every sector of the economy is poised to grow faster and a 9 per cent growth in 2010-11

is not difficult if domestic policies and external factors do not come in the way.

Expert expects that India s economy to grow by 8.1% in 2010 based on a steep gain in industrial

output and resurgent private consumption investment and exports. Were these scenarios to

continue growth would lift further to 8.3% in 2011 said Chief Economist. They also expect the

Reserve Bank of India (RBI) to continue gradually raising interest rates and to keep a tight

leash on liquidity to tame inflation. Recently RBI changed the repo rate from 5.75% to 6%

and reverse repo rate 4.5% to 5%. CRR rate they keeping unchanged. This the six time I a

year they revise key parameter to control inflation.

Report on Fundamental & Technical Analysis of ICICI BANK

GDP IN US$

1.6E+12

1.4E+12

1.2E+12

1E+12

8E+11

6E+11

4E+11

2E+11

0

yr 2001 yr 2002 yr 2003 yr 2004 yr 2005 yr 2006 yr 2007 yr 2008 yr 2009 yr 2010

7000

6000

5000

Axis Title

4000

3000

2000

1000

0

37335

38111

38882

39658

36892

37004

37111

37224

37446

37558

37670

37782

37889

37998

38217

38328

38439

38545

38657

38770

38988

39100

39217

39324

39433

39546

39772

39890

40004

40116

40231

40343

Above Graphs are GDP and S&P CNX NIFTY of past 10 years from 2001 to 2010

From above Graphs, we find that GDP of India and S&P CNX NIFTY moves in same direction.

They have Strong Positive Correlation between them.

Report on Fundamental & Technical Analysis of ICICI BANK

Inflation

Inflation can be defined as a trend of rising prices caused by demand exceeding supply. Over time, even a

small annual increase in prices of say 1 percent will tend to influence the purchasing power of the nation.

In other words, if prices rise steadily, after a number of years, consumers will be able to buy only fewer

goods and services assuming income level does not change with inflation.

In 2010 favorable monsoons (the rains that fall from June to September) should lead to strong farm

production which will help drive economic recovery and bring down food inflation. While inflation

remains a concern economists expect it will recede in coming months. In our opinion CPI inflation should

continue to recede from current double digits as food inflation comes down on the back of improved farm

output and as the RBI s tightening measures tame nonfood inflation he said. Resurgent exports and capital

inflows add to the positive story.

2001 3.394

2002 4.158

2003 4.412

2004 3.018

2005 3.32

2006 7.269

2007 5.691

2008 7.692

2009 9.286

2010 13.725

15 7000

6000

10

5000

4000

5

3000

0 2000

1000

0

36892

37126

37363

37599

37832

38064

38294

38526

38764

38996

39237

39468

39706

39955

40192

From the Above charts, I found Inflation and Nifty are moving in same direction and they

are Moderately correlated.

Report on Fundamental & Technical Analysis of ICICI BANK

The Indian banking system is financially stable and resilient to the shocks that may arise due to

higher non-performing assets (NPAs) and the global economic crisis, according to a stress test

done by the Reserve Bank of India (RBI).

Globalization and liberalization of the Indian economy, and the interest of foreign banks to

expand their presence in India through the inorganic route, have fuelled the growth of the

banking industry.

The banking penetration calculated on the basis of total number of credit accounts to total

population was 9.4 per thousand in 2007–08.

Report on Fundamental & Technical Analysis of ICICI BANK

Significantly, the RBI has the tenth largest gold reserves in the world after spending US$ 6.7

billion towards the purchase of 200 metric tons of gold from the International Monetary Fund

(IMF) in November 2009. The purchase has increased the country's share of gold holdings in its

foreign exchange reserves from approximately 4 per cent to about 6 per cent.

In the annual international ranking conducted by UK-based Brand Finance Plc, 20 Indian banks

have been included in the Brand Finance® Global Banking 500. In fact, the State Bank of India

(SBI) has become the first Indian bank to be ranked among the Top 50 banks in the world,

capturing the 36th rank, as per the Brand Finance study. The brand value of SBI increased from

US$ 1.5 billion in 2009 to US$ 4.6 billion in 2010. ICICI Bank also made it to the Top 100 list

with a brand value of US$ 2.2 billion. The total brand value of the 20 Indian banks featured in

the list stood at US$ 13 billion.

Market analysis

There has been a gradual shift in business from public to private and foreign banks.

The banking system in India is dominated by Scheduled Commercial Banks (SCBs) with a pan-

India presence. As of March 2009, SCBs controlled most of the assets, with the rest being

controlled by a large number of small co-operative credit institutions with a very limited

geographic reach.

Within SCBs, public sector banks accounted for 71.9 per cent of the assets and the rest was held

by foreign banks and private sector banks.

Report on Fundamental & Technical Analysis of ICICI BANK

Favorable demographics and rising income levels Rising literacy rate, especially in rural India,

has increased the need for banking. Between 2006 and 2026, the working population (25–60

years) is expected to increase from 675.8 million to 795.5 million giving rise to a favorable

market for banks. Projected per capita GDP is expected to increase from US$ 380.8 in 2000–01

to US$ 2,097.5 in 2026, reflecting higher disposable income.

Significant latent demand for retail banking services, given a low penetration level of

approximately 59 per cent. Key factors driving the growth of retail banking are„

Improved processes and bundled product offerings

Faster service

Customer-specific products or offerings on a regular basis

„Bank‟ customer has replaced „Branch‟ customer

Focus on understanding customer needs or preferences

Segmentation or differentiation of customers

Customer-driven strategies.

With an increasingly global footprint, the Indian banking industry has adopted certain

global best practices such as International Financial Reporting Standards (IFRS) and

Basel II. These not only position India at an international level, but also provide

confidence to foreign players planning to establish businesses in India.

As of March 31, 2009, all commercial banks in India, excluding RRBs and local area

banks, have become Basel II compliant.

Report on Fundamental & Technical Analysis of ICICI BANK

Major Developments

The Monetary Authority of Singapore (MAS) has provided qualified full banking (QFB)

privileges to ICICI Bank for its branch operations in Singapore. Currently, only SBI had QFB

privileges in country.

The Indian operations of Standard Chartered reported a profit of above US$ 1 billion for the first

time. The bank posted a profit before tax (PAT) of US$ 1.06 billion in the calendar year 2009, as

compared to US$ 891 million in 2008.

Punjab National Bank (PNB) plans to expand its international operations by foraying into

Indonesia and South Africa. The bank is also planning to increase its share in the international

business operations to 7 per cent in the next three years.

The State Bank of India (SBI) has posted a net profit of US$ 1.56 billion for the nine months

ended December 2009, up 14.43 per cent from US$ 175.4 million posted in the nine months

ended December 2008.

Government Initiatives

The government plans to invest US$ 3.63 billion into public sector banks to aid them for

maintaining their capital adequacy ratio (CAR), as per the Union Budget presented by the

Union Finance Minister in February 2010. Out of the total allocation, US$ 2.1 billion

would be used for recapitalization of the public sector banks during April-June 2010 and

US$ 1.5 billion will be invested during the rest of 2010-11.

The RBI has allowed banks to make changes in the repayment schedules or drawdown

without prior approval from the central bank. However, such a change could be made on

the condition that the average maturity of the loan should remain the same. The move is

expected to make external commercial borrowing (ECB) transactions easier. Transactions

both through automatic and approval routes can take advantage of this change. Now,

without the prior approval of RBI, Indian companies may borrow up to US$ 500 million

in a year.

Further, RBI also allowed domestic scheduled commercial banks to open up their

branches in Tier III to Tier VI regions that have population of up to 49,999 without the

prior permission of the central bank. Banks such as PNB and UCO Bank are planning to

take advantage of this initiative and would open around 440 and 89 branches,

respectively, in such regions.

In its platinum jubilee year, the RBI, the central bank of the country, in a notification

issued on June 25, 2009, said that banks should link more branches to the National

Electronic Clearing Service (NECS). Ideally, all core-banking-enabled branches should

be part of NECS. NECS was introduced in September 2008 for centralized processing of

repetitive and bulk payment instructions. Currently, a little over 26,000 branches of 114

banks are enabled to participate in NECS.

Report on Fundamental & Technical Analysis of ICICI BANK

STRENGTH

■ Indian banks have compared favorably on growth, asset quality and profitability with other

regional banks over the last few years. The banking index has grown at a compounded annual

rate of over 51 per cent since April 2001 as compared to a 27 per cent growth in the market index

for the same period.

■ Policy makers have made some notable changes in policy and regulation to help strengthen the

sector. These changes include strengthening prudential norms, enhancing the payments system

and integrating regulations between commercial and co-operative banks.

■ Bank lending has been a significant driver of GDP growth and employment.

■ Extensive reach: the vast networking & growing number of branches & ATMs. Indian banking

system has reached even to the remote corners of the country.

■ The government's regular policy for Indian bank since 1969 has paid rich dividends with the

nationalization of 14 major private banks of India.

■ In terms of quality of assets and capital adequacy, Indian banks are considered to have clean,

strong and transparent balance sheets relative to other banks in comparable economies in its

region.

■ India has 88 scheduled commercial banks (SCBs) - 27 public sector banks (that is with the

Government of India holding a stake)after merger of New Bank of India in Punjab National

Bank in 1993, 29 private banks (these do not have government stake; they may be publicly listed

and traded on stock exchanges) and 31 foreign banks. They have a combined network of over

Report on Fundamental & Technical Analysis of ICICI BANK

53,000 branches and 17,000 ATMs. According to a report by ICRA Limited, a rating agency, the

public sector banks hold over 75 percent of total assets of the banking industry, with the private

and foreign banks holding 18.2% and6.5% respectively.

■ Foreign banks will have the opportunity to own up to 74 per cent of Indian private sector banks

and 20 per cent of government owned banks.

WEAKNESS

and marketing, service operations, risk management and the overall organizational performance

ethic & strengthen human capital.

■ Old private sector banks also have the need to fundamentally strengthen skill levels.

■ The cost of intermediation remains high and bank penetration is limited to only a few customer

segments and geographies.

capital availability and deployment, lack of institutional support infrastructure, restrictive

labour laws, weak corporate governance and ineffective regulations beyond

Scheduled Commercial Banks (SCBs), unless industry utilities and service bureaus.

■ Refusal to dilute stake in PSU banks: The government has refused to dilute its stake in PSU

banks below 51% thus choking the headroom available to these banks for raining equity capital.

■ Impediments in sectoral reforms: Opposition from Left and resultant cautious approach from

the North Block in terms of approving merger of PSU banks may hamper their growth prospects

in the medium term.

OPPORTUNITY

■ The market is seeing discontinuous growth driven by new products and services that include

opportunities in credit cards, consumer finance and wealth management on the retail side, and in

fee-based income and investment banking on the wholesale banking side. These require new

skills in sales & marketing, credit and operations.

■ Banks will no longer enjoy windfall treasury gains that the decade-long secular decline

Report on Fundamental & Technical Analysis of ICICI BANK

■ With increased interest in India, competition from foreign banks will only intensify.

■ Given the demographic shifts resulting from changes in age profile and household income,

consumers will increasingly demand enhanced institutional capabilities and service levels from

banks.

■ New private banks could reach the next level of their growth in the Indian banking sector by

continuing to innovate and develop differentiated business models to profitably serve segments

like the rural/low income and affluent/HNI segments; actively adopting acquisitions as a means

to grow and reaching the next level of performance in their service platforms. Attracting,

developing and retaining more leadership capacity

■ Foreign banks committed to making a play in India will need to adopt alternative approaches

to win the “race for the customer” and build a value-creating customer franchise in advance of

regulations potentially opening up post 2009. At the same time, they should stay in the game for

potential acquisition opportunities as and when they appear in the near term. Maintaining a

fundamentally long-term value-creation mindset.

■ Reaching in rural India for the private sector and foreign banks.

■ With the growth in the Indian economy expected to be strong for quite some time especially in

its services sector-the demand for banking services, especially retail banking, mortgages and

investment services are expected to be strong.

■ the Reserve Bank of India (RBI) has approved a proposal from the government to amend

the Banking Regulation Act to permit banks to trade in commodities and commodity derivatives.

■ Liberalization of ECB norms: The government also liberalized the ECB norms to permit

financial sector entities engaged in infrastructure funding to raise ECBs. This enabled banks and

financial institutions, which were earlier not permitted to raise such funds, explore this route for

raising cheaper funds in the overseas markets.

■ Hybrid capital: In an attempt to relieve banks of their capital crunch, the RBI has allowed

them to raise perpetual bonds and other hybrid capital securities to shore up their capital. If the

new instruments find takers, it would help PSU banks, left with little headroom for raising

equity. Significantly, FII and NRI investment limits in these securities have been fixed at 49%,

compared to 20% foreign equity holding allowed in PSU banks.

Report on Fundamental & Technical Analysis of ICICI BANK

THREATS

■ Threat of stability of the system: failure of some weak banks has often threatened the stability of the

system.

·

■ Increase in the number of foreign players would pose a threat to the PSB as well as the private players.

Exploit Strategies

banks can use this opportunity to increase in its turnover

Financial INCLUSION

Simplifying banking process to attract

Search Strategies

Introducing new services

Increase value chain for customer

Report on Fundamental & Technical Analysis of ICICI BANK

Barriers to entry

Product

differentiation very

difficult

Licensing

requirement

Suppliers is very low Large no of banks of consumer very

Nature of suppliers High market growth high

Few alternatives rate Large no. of

RBI rules and Low switching costs alternatives

regulations Undifferentiated Low switching

Suppliers are not services costs

concentrated High fixed cost Undifferentiated

forward integration High exit barriers services

Full information

about

the market

Threat of Substitute

Non banking financial

sector increasing

rapidly

Deposits in posts

Stock Market

NBFC

Mutual Fund

Report on Fundamental & Technical Analysis of ICICI BANK

Reserve Bank of India has laid out a stagnant rules and regulation for new entrant in Banking Industry.

We expect merger and acquisition in the banking industry in near future. Hence, the industry is less porn

of new competitor. Barriers to an entry in banking industry no longer exist. So lots of private and foreign

banks are entering in the market. Competitors can come from an industry to „disinter mediate‟ bank

product differentiation is very difficult for banks and exit is difficult. So every bank strives to survive in

highly competitive market so we see intense competitive can mergers and acquisitions. Government

policies are supportive to start new bank. There is less statutory requirement needed to start a new

venture. Every bank to tries to achieve economies of scale through use of technology and selecting and

training manpower. There are public sector banks, private sector and foreign banks along with non

banking finance companies competing in similar business segments

The services banks offer is more of homogeneous which makes the Company to offer the same service at

a lower rate and eat their competitor market‟s share. Market Players use all sorts of aggressive selling

strategies and activities from intensive advertisement campaigns to promotional stuff. Even consumer

switch from one bank to another, if there is a wide spread in the interest.

Hence the intensity of rivalry is very high. The no of factors has contributed to increase rivalry those are.

1. A large no of banks

There is so many banks and non financial institution fighting for same pie , which has intensified

competition?

India is seen as one of the biggest market place and growth rate in Indian banking industry is also very

high. This has ignited the competition.

The services banks offer is more of homogeneous which makes the company to offer the same service at a

lower rate and eat their competitor market‟s share.

Costumers switching cost is very low, they can easily switch from one bank to another bank and very

little loyalty exist.

5. Undifferentiated services

Almost every bank provides similar services. Every bank tries to copy each other services and technology

which increase level of competition.

High exit barriers humiliate banks to earn profit and retain customers by providing world class services.

There are low regulations exist to start a new business due LPG policy adopted by India.

Report on Fundamental & Technical Analysis of ICICI BANK

Banking industry is governed by Reserve Bank of India. Reserve Bank of India is the authority to take

monetary action which leads to direct impact on circulation of money in the Economy. The rules and

regulation lay down by RBI. Suppliers of banks are depositors .these are those people who have excess

money and prefer regular income and safety. In banking industry suppliers have low bargaining power.

1. Nature of suppliers

Suppliers of banks are those people who prefer low risk and those who need regular income and safety as

well. Banks best place for them to deposits theirs surplus money.

Banks are subject to RBI rules and regulations .bank have to behave in a way that RBI wants. So RBI

takes all decisions related to interest rates. This reduce bargaining power of suppliers.

Banking industry suppliers sure not concentrated. There are numerous with negligible portion of offer .so

this reduce their bargaining power.

In today world, Customer is the King. Banks offers different services According to clients need and

requirement. They offer loans at Prime Lending Rate (PLR) to their trust worthy clients and higher rate to

others clients. Customers of banks are those who take loans and uses services of banks. Customers have

high bargaining power. These are

1. Large no of alternatives

Customers have large no of alternatives, there are so many banks, which fight for same pie. There are

many non financial institutions like icici, hdfc, and ifci, etc. which has also jump into these business

.there are foreign banks , private banks, co-operative banks and development banks together with

specialized financial companies that provides finance to customers .these all increase preference for

customers.

Cost of switching from one bank to another is low. Banks are also providing zero balance account and

other types of facilities. They are free to select any banks service. Switching cost are becoming lower

with internet banking gaining momentum and a result customers loyalties are harder to retain.

3. Undiffenciated service

Bank provide merely similar service there are no much diffracted in service provides by different banks

so, bargaining power of customers increase.

They cannot be charged for differentiation.

Customers have full information about the market due to globalization and digitalization Consumers have

become advance and sophisticated .they are aware with each market condition so banks have to be more

competitive and customer friendly to serve them.

Report on Fundamental & Technical Analysis of ICICI BANK

Every day there is one or the other new product in financial sector. Banks are not limited to tradition

banking which just offers deposit and lending. In addition, today banks offers loans for all products,

derivatives, For Ex, Insurance, Mutual Fund, Demit account to name a few. The wide range of choices

and needs give a sufficient room for new product development and product enhancement. Substitute

products or services are those, which are different but satisfy the same set of customers. In private

banking industry following are the substitutes:

NBFC: Non-banking financial Institutions play an important role in giving financial assistance.

Mobilization of financial resources outside the traditional banking system has witnessed a

tremendous growth in recent years in the India. NBFC is a close substitute of banking in respect

of raising funds. Borrower can easily raise funds from NBFC because it requires less formal

procedure for getting funds compare to private banks.

Post Office Products: Post office is also providing some service like fixed deposit facility,

saving account, recurring account etc. The interest rate of saving account is higher than private

banks. It is fully secured by the government so people who do not want to take risk for them post

office saving is good substitute.

Government Bond: Govt. Bond also attracts savings from the general public. It is less risky and

more secured as compare to savings in private banks.

Mutual Funds: Mutual funds are also now proving as good substitutes for banks. They assure

for providing high return with less time in comparison of banks. The administrative expenses are

also very low as compared to banks. Investment in Mutual funds is more flexible than investment

in banks.

Stock Market: People who are ready to bear risk and wants a high return on their investment,

stock market is a good substitute for them. Day by day investors are moving towards stock

market as interest rate in banks are decreasing. So now stock market has proved as a big

competitor for baking sector.

Debentures: Debentures is also proved as a good substitute of bank‟s fixed deposit as return on

debenture is fixed and high. There are different types of debentures, which attract various classes

of investors.

Other Investment Alternatives: Now common people‟s attraction is shifting from banks to

other various alternatives such as gold, precious metals, land, small savings etc. As we can see the

growing trend in these alternatives in comparison of decreasing interest rates in banks.

Report on Fundamental & Technical Analysis of ICICI BANK

and Technological analysis" and describes a framework of macro-environmental factors used in

the environmental scanning component of strategic management. Some analysts added Legal and

rearranged the mnemonic to SLEPT inserting Environmental factors expanded it to PESTEL or PESTLE,

which is popular in the UK. But for our analysis we are taking only PEST analysis stands for

Political, Economic, Social, and Technological analysis"

Where the Manmohan is the prime minister for second ,he is the man who leads for LPG of

INDIA

From 1990 the banking industry has strong support from government

But banking industry is regulated and Dominated by RBI

FROM LPG India is moving on a steady GDP growth and trying to touch double digit growth

India also encouraging FDI and FIIs for investment in India

Percentage of youth in employment increased a lot in banking sector

Recently Indian banks are entering in Micro Finance to help the lower levels of economy

Some Banks are stated CSR activity in metros

Banks try to add value service to customers other than basic banking activity

Banking industry is most important industry which uses the technology at MAXS

Banks started everything online with the help of technology

Banks are one of the major source of income for IT companies in India

Banks even started SMS banking and internet banking

Report on Fundamental & Technical Analysis of ICICI BANK

Banking Industry in

India

The growth in the Indian Banking Industry has been more qualitative than quantitative and it is expected

to remain the same in the coming years. Based on the projections made in the "India Vision 2020"

prepared by the Planning Commission and the Draft 10th Plan, the report forecasts that the pace of

expansion in the balance-sheets of banks is likely to decelerate. The total asset of all scheduled

commercial banks by end-March 2010 is estimated at Rs 40, 90,000 crores. That will comprise about 65

per cent of GDP at current market prices as compared to 67 per cent in 2002-03. Bank assets are

expected to grow at an annual composite rate of 13.4 per cent during the rest of the decade as against the

growth rate of 16.7 per cent that existed between 1994-95 and 2002-03. It is expected that there will be

large additions to the capital base and reserves on the liability side.

The Indian Banking Industry can be categorized into non-scheduled banks and scheduled banks.

Scheduled banks constitute of commercial banks and co-operative banks. There are about 67,000

branches of Scheduled banks spread across India. As far as the present scenario is concerned the

Banking Industry in India is going through a transitional phase.

The Public Sector Banks (PSBs), which are the base of the Banking sector in India account for more

than 78 per cent of the total banking industry assets. Unfortunately they are burdened with excessive

Non-Performing assets (NPAs), massive manpower and lack of modern technology. On the other hand

the Private Sector Banks are making tremendous progress. They are leaders in Internet banking, mobile

banking, phone banking, ATMs. As far as foreign banks are concerned they are likely to succeed in the

Indian Banking Industry.

Despite intense competition and high inflationary pressures, India's sector will continue to show high growth owing

to the country's strong economic expansion. Growth in India's banking sector will remain high, bolstered by sound

economic growth prospects and expecting credit growth of about 20 per cent in the next fiscal year.

The growth in banking would happen despite high domestic inflation and intense competition in the sector, it added.

So, I conclude that the Indian banking industry is in growth stage from the above information

Report on Fundamental & Technical Analysis of ICICI BANK

Company Analysis

ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is a major

banking and financial services organization in India. It is the third largest bank in India and the

largest private sector bank in India by market capitalization. ICICI Bank is India's second-largest

bank with total assets of Rs. 3,634.00 billion (US$ 81 billion) at March 31, 2010 and profit after

tax Rs. 40.25 billion (US$ 896 million) for the year ended March 31, 2010. The Bank has a

network of 2,044 branches and about 5,546 ATMs in India and presence in 18 countries. ICICI

Bank offers a wide range of banking products and financial services to corporate and retail

customers through a variety of delivery channels and through its specialized subsidiaries in the

areas of investment banking, life and non-life insurance, venture capital and asset management.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock

Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New

York Stock Exchange (NYSE).

The Bank is expanding in overseas markets and has the largest international balance sheet among

Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches and representatives

offices in 19 countries, including an offshore unit in Mumbai. This includes wholly owned

subsidiaries in Canada, Russia and the UK (the subsidiary through which the HiSAVE savings

brand is operated), offshore banking units in Bahrain and Singapore, an advisory branch in

Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative offices in

Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab Emirates and

USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian) population in particular.

Report on Fundamental & Technical Analysis of ICICI BANK

Based on the valuation report prepared by Haribhakti & Co., Chartered Accountants, the Board

of Directors decided the share exchange ratio. This ratio has been decided and accepted at the

rate of one share of ICICI Bank for every 4.72 shares of Bank of Rajasthan.

On August 6, 2010

The Reserve Bank of India on August 6, approved Bank of Rajasthan Ltd‟s merger with ICICI

Bank Ltd, India‟s largest private sector lender. “All branches of Bank of Rajasthan will function

as branches of ICICI Bank with effect from 13 August,‟‟ said an RBI statement.

The amalgamation is of strategic importance to ICICI Bank and augurs well for the

bank‟s strategy of moving towards a branch-centric and customer-centric model. It would

add ~23% to ICICI Bank‟s current branch network, already the largest among private

players.

The deal would strengthen ICICI Bank‟s presence in the Northern and Western parts of

the country.

Based on the due diligence done by ICICI Bank, the overall asset quality of BoR remains

satisfactory. Of 80% of the advances book reviewed by ICICI Bank, 40% of the advances

are to PSUs and their asset quality remains satisfactory.

CASA has improved from 27.4% in March 2009 to 30%+ in March 2010 as the savings

bank deposits accretion during the year has been strong for BoR

Policies and assumptions pertaining to pension and other employee benefits will be re-

aligned as per ICICI Bank books. There could be some impact on account of employee

wage hike.

BoR operates on technology platform – ‟Finacle‟, same as ICICI Bank, this is a positive.

Share prices of the Bank of Rajasthan (BoR) observed a 20% hike due to acquisition

news.

Report on Fundamental & Technical Analysis of ICICI BANK

SWOT Analysis of

STRENGTHS

1. BRAND NAME: ICICI Bank has earned a reputation in the market for extending quality

services to the market vis-Ã -vis its competitors. It has earned a strong Brand name in banking in

a very short span of time.

2. Market share: ICICI bank is the second largest bank after SBI. Its market share is the most

important strength of the company.

3. HUGE NETWORK: ICICI Bank has the highest number of linked branches in the country.

The bank operates through a network of 450 BRANCHES AND over 1800 ATMs across India,

thus enabling them to serve customer in better way.

4. DIVERSIFIED PORTFOLIO: ICICI Bank has all the products under its belt, which help it to

extend the relationship with existing customer. ICICI Bank has umbrella of products to offer

their customers, if once customer has relationship with the bank. Some Products, which ICICI

Bank is offering are:

>Retail Banking

>Business Banking

>Merchant Establishment Services (EDC Machine)

>Personal loans & Car loans

>Demat Services with E-Broking

>Mutual Fund (ICICI Bank is the Distributor of all Mutual Fund)

>Insurance

>Housing Loans

5. SALARY ACCOUNT: One very interesting thing that we have observed in our study is that

ICICI is having an edge over other banks in case of Salary Account. Most of the companies are

having their Salary Account with ICICI even if their Current Account is with any other Bank.

This is mainly because of the huge network of ATMs and branches of ICICI.

6. WORKING HOURS: ICICI is the only bank which is having its working hours from 8 to 8

which is one of the major strength of ICICI Bank with respect to IT & ITES Industry. As most of

the IT & ITES companies are global players and their Parent company is in US, so they have to

work according to their office time. Thus some have their Office time in the morning and some

have it in the evening so if the working hour of the bank is 8 to 8 it is very convenient for them.

7. TREASURY DEPARTMENT: ICICI is the first private bank to have a treasury department.

So customers can get the best rates for foreign exchange.

8. AGGRESSIVE MARKETING: ICICI Bank is known for its aggressive marketing of its

Report on Fundamental & Technical Analysis of ICICI BANK

products. Recent ads like celebrating bdays of the customer in the banks; this gives ICICI an

edge over other banks.

9. TECHNOLOGY: From its inception, ICICI Bank has adopted a policy of selecting

internationally proven and specialized Packaged Systems for its technology. ICICI bank

technology platform has been acknowledged globally as one of the best in terms of robustness,

flexibility and cost efficiency. ICICI Bank is in a position to leverage this platform to further

build cost and service advantage.

WEAKNESS

1. TRANSACTION COST: ICICI Bank charges high cost for its transactions. Through our data

analysis we have find out that most of the small companies prefer nationalized banks only

because of this cost factor. Also the group has found out that there are companies which are

going for multi bank system i.e. they are using only those facilities of ICICI Bank which are

provided at cheaper rates (read Salary Account) and for other services they are going to

nationalize banks and MNCs (read Forex). So there exists a huge potential for ICICI Bank if they

are ready to make their transaction cost flexible.

2. FOCUS ONLY ON HIGH END CUSTOMERS: The bank targets only the top bracket of

clients and does not cater to the needs of small customers. Due to this reason the bank may

sometimes loose good clients.

Mainly to IT & ITES companies Bank do not provide loan as these companies are not having

collaterals so bank hesitate in giving loans to them. Because of this policy companies prefer

nationalized banks and ICICI Bank in turn sometimes loose potential customers.

4. LITTLE PRESENCE OUTSIDE INDIA: ICICI Bank is having little presence Outside India,

because of which companies prefer MNC Bank, mainly Citibank. So if ICICI Bank tries to

emerge outside India then it has a huge potential of customers.

5. POOR CUSTOMER CARE/SERVICE: With its aggressive marketing ICICI Bank is rapidly

increasing its customer base. They are not however, increasing the number of employees

accordingly. This is leading to deterioration of the standard of customer service.

OPPORTUNITIES

1.Rural segment: ICICI bank as lot of untapped market in rural areas. This is one of the most

important opportunities for the bank

2. Dissatisfied Customers of Other Banks: The group from its survey and analysis of IT

Report on Fundamental & Technical Analysis of ICICI BANK

companies has found out that there are many companies which are not satisfied with its current

bank, so ICICI with its superior service quality and long working hours can capture those

customers.

3. Remittances: From the analysis group has also found out that ICICI bank has very little

presence as far as the EEFC account is concerned. Companies prefer to bank with MNCs (which

have greater presence in the foreign countries) and nationalized banks (which according to the

companies provide lower transaction rates) to get their inward remittances in spite of ICICI being

providing one of the most competitive rates. So the bank can promote its EEFC account better

and get the key to the door of huge potential market.

4. Business advising for smaller Players: The analysis has also indicated that the concept of

business advising though very popular with the higher end players is virtually nonexistent in the

lower end of the market. ICICI should take this opportunity to provide business advising to the

smaller companies at competitive rates and try to take the first mover advantage.

THREATS

1) Advent of MNC banks: Large numbers of MNC banks are mushrooming in the Indian market

due to the friendly policies adopted by the government. This can increase the level of

competition and prove a potential threat for the market share of ICICI bank.

2) Dissatisfied Customers: The analysis indicated that though most of the companies are satisfied

with the products offered by ICICI bank but the poor customer support/ service is creating a lot

of dissatisfaction among the customers, this can prove to be a serious problem as far as the

market reputation of the bank is concerned and cane be a major threat in future business

acquisition.

3) Ever improving nationalized banks: With PSU banks like SBI going all out to compete with

the private banks and government giving them a free hand to do so; it can prove to be serious

threat for banks like ICICI.

Report on Fundamental & Technical Analysis of ICICI BANK

Current Ratio

Current Ratio(x)

0.6

0.46 0.47

0.43

0.4

Current ratio measures liquidity of the firm. It represents a margin of safety available to the

creditor. High current ratio indicates that firm is liquid and able to pay current liability. From

2007, there is continuing growth of Current ratio which shows increase of current assets, which

is good sign for growth of ICICI bank.

Quick Ratio

46.66

42.66

26.86

23.33 22.24

Quick Ratio measures the ability of a company to use its near cash or quick assets to

immediately extinguish or retire its current liabilities. From above chart we can say easy that

there is huge growth of Quick ratio on YOY.It will reflect the liquidity of ICICI Bank.

Report on Fundamental & Technical Analysis of ICICI BANK

EPS

37.37 36.1

34.59 33.76

28.55

EPS is one of the most important ratios to measure net profit earn per share. Steady growth of

EPS is indicating a good profitability. Earnings per share of ICICI bank are having a constant

growth.EPS is the one of the major reason to attract a huge investors.

Loans/Deposits ratio

0.5

0.45

0.4

0.35

0.3

0.25

0.2

0.15

0.1

0.05

0

2006 2007 2008 2009 2010

Loan/Deposit ratio explains what portions of deposits are utilitized.coming to ICICI case there are lot ups

and down in the ratio. Loans/Deposits ratio is Moderate for ICICI bank.

Report on Fundamental & Technical Analysis of ICICI BANK

EPS

SBI 144.37 143.67 106.56 86.29

PNB 123.86 98.03 64.98 48.84

ICICI 36.1 33.76 37.37 34.59

ALLAHABAD BANK 27.01 17.21 21.82 16.79

EPS

SBI PNB ICICI ALLAHABAD BANK

144.37 143.67

123.86

98.03 106.56

86.29

64.98

48.84

36.1 33.76 37.37 34.59

27.01 21.82

17.21 16.79

We can see that EPS of ICICI is not higher than peer group. Bt EPS should not be one

parameter to measure of bank. Because outstanding share will be one reason i.e. different

bank outstanding share is different. But it is one of the main parameter to be considered by

the investor.

Payout Ratios

year 2010 2009 2008 2007

SBI 20.78 20.19 20.18 16.22

PNB 17.76 20.40 20.01 20.48

ICICI 33.24 32.58 29.44 28.91

ALLAHABAD BANK 20.36 20.34 11.46 17.87

Report on Fundamental & Technical Analysis of ICICI BANK

PayOut ratios

SBI PNB ICICI ALLAHABAD BANK

33.24 32.58

29.44 28.91

20.78 20.36 20.19 20.40 20.34 20.18 20.01 20.48

17.76 16.22 17.87

11.46

Payout ratio is a ratio which shows as% of DPS from EPS. Payout ratio is ratio where all

investors are most concern. In the Peer group, ICICI payout ratio out performance the other

banks

P/E RATIO

YEAR 2010 2009 2008 2007

SBI 14.4 7.42 15 10.86

PNB 8.18 4.19 7.82 9.66

ICICI 26.39 9.85 20.61 24.67

ALLAHABAD BANK 5.28 2.26 3.51 4.33

P/E ratio

SBI PNB ICICI ALLAHABAD BANK

26.39 24.67

20.61

14.4 15

9.85 10.86 9.66

8.18 7.42 7.82

5.28 4.19 3.51 4.33

2.26

The PE ratio reflects the price currently being paid by the market for each rupee of currently

reported EPS. In other words, the PE ratio measures investor‟s expectations and the market

appraisal of the performance of the firm. P/E ratio is fluctuate time to time because market price

on of the reason. P/E ratio of ICICI BANK is the highest compared with its Peer group. The

main reason for higher P/E ratio is HIGHER SHARE PRICE AND LOW EPS.

Report on Fundamental & Technical Analysis of ICICI BANK

Technical Analysis

Report on Fundamental & Technical Analysis of ICICI BANK

Technical Analysis

Technical analysis is also frequently used as a supplement to fundamental analysis. Technical

analysis is based on the economic premise that forces of demand and supply determine the

pattern of market price and the volume of trading in a share. The greater the demand for a

company‟s shares, the higher its market price. The greater the supply of a company‟s shares in

the market, the lower the market price. The triggers for this demand and supply could also be the

fundamental news on the company. Technical analysis hopes to capture a price trend from the

previous traded prices and uses this trend to make an investment decision.

Line Charts / Line and Volume Charts

Bar Charts

Point-and-Figure Charts

Candle Stick Charts.

Bar Charts:

The bar chart gives the chartist information on price changes at a time. In this, the high, low,

open, close share price or index level is plotted against time.

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0

1-Apr-10 1-May-10 1-Jun-10 1-Jul-10 1-Aug-10 1-Sep-10

Report on Fundamental & Technical Analysis of ICICI BANK

In the Chart the small bubbles are the closing price of the Infosys share for the particular day. On

the vertical line the top shows the high price for the day and down tells the lowest price for the

day. If the bubble in the middle of the vertical line then it tells the close price is in between the

low and high prices of the particular day.

Candle Stick Chart can be used to identify price patterns, and are drawn from opening, high, low,

and closing data for a specific period such as an hour, day, or week. A Candle consists of two

parts or vertical extensions, the real body, i.e the rectangle, and the shadow or wick. The top and

bottom of the rectangle are determined by the opening and closing prices. If the closing price is

above the closing price, the rectangle is white, on the other hand if the closing price is below the

opening, the rectangle is blackened. The high and low for the day are wicks at the top and bottom

of the rectangle.

Bullish Patterns

Long white (empty) line: This is a bullish pattern. It occurs when prices open ear the low and

close significantly higher, near the periods high.

Hammer: A hammer is bullish, if it occurs after a significant downtrend. It is identified by a

small real body (i.e. a small range between the open and closing prices) and a long lower shadow

(i.e., the low is significantly lower than the open, high, and close). The body can be empty or

dark.

Piercing Line: This is a bullish pattern and the opposite of a dark cloud cover. The previous

formation is a long black body and the next formation is a long white body.

Morning Star: This pattern signifies a potential bottom. The star indicates a possible reversal

and the bullish (empty) body confirms this. The star fallows a black body.

Bearish Patterns:

Long black (filled-in) line: This is a bearish line. It occurs when prices open near the high and

close significantly lower, near the periods low.

Hanging Man: These lines are bearish if they occur after a significant up trend. They are

identified by small real bodies (ie, a small range between the open and closing prices) and a long

lower shadow (ie, the low is significantly lower than the open, high, and close). The bodies can

be empty or filled in.

Dark cloud cover: This bearish pattern is more significant if the second black body is below the

center of the previous body.

Evening Star: This pattern signifies a potential top. The star indicates a possible reversal and the

bearish (black) body confirms this. The star fallows an empty body.

Report on Fundamental & Technical Analysis of ICICI BANK

1200

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3-May-10

9-Aug-10

10-May-10

17-May-10

24-May-10

31-May-10

2-Aug-10

16-Aug-10

23-Aug-10

30-Aug-10

5-Jul-10

12-Jul-10

19-Jul-10

26-Jul-10

7-Jun-10

14-Jun-10

21-Jun-10

28-Jun-10

Trend Analysis:

In the trend analysis we can find the down trend, sideway trend and up trend. In the

down trend we can observe that the price of the share can be fall down continuously. In the

sideway trend we can observe that the price of the share can move in up and downs with a

small changes in the price for a particular period. In the uptrend we can observe that the price

of the share can be in bullish way or in move up continuously for a particular period.

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0

1-Sep-05 1-Sep-06 1-Sep-07 1-Sep-08 1-Sep-09 1-Sep-10

Report on Fundamental & Technical Analysis of ICICI BANK

Once you understand the concept of a trend, the next major concept is that of support and

resistance. You'll often hear technical analysts talk about the ongoing battle between the bulls and

the bears, or the struggle between buyers (demand) and sellers (supply). This is revealed by the prices a

security seldom moves above (resistance) or below (support).

Support is the price level through which a stock or market seldom falls. Resistance, on the other

hand, is the price level that a stock or market seldom surpasses.

trading

R1 (Resistance level 1) =2*P-L Where

S1 (Support level 1) =2*P-H Pivot (P) = (C+H+L)/3

R2 (Resistance level 2) =P+R1-S1 Close = C

S2 (support level 2) =P+S1-R1 High = H

R3 (Resistance level 3) =H+2(P-L) Low = L

S3 (Support level 3) =L-2(H-P)

FOR 26th Aug Low 2796.5

FOR 26th Aug Close Price 983.55

FOR 27th Aug (High+Close+Low)/3 Pivot Point 984.883

FOR 27th Aug (Forecast) High+2×(Pivot-Low) Resistance 3 1012.57

FOR 27th Aug (Forecast) Pivot+(R1-S1) Resistance 2 1003.78

FOR 27th Aug (Forecast) 2×Pivot-Low Resistance 1 993.667

FOR 27th Aug (Forecast) 2×Pivot-High Support 1 974.767

FOR 27th Aug (Forecast) Pivot-(R1-S1) Support 2 965.983

FOR 27th Aug (Forecast) Low-2×(High-Pivot) Support 3 955.867

FOR 27th Aug (Forecast) High Price 990

FOR 27th Aug (Forecast) Low Price 953.25

FOR 27th Aug (Forecast) Close Price 957.45

Support and resistance analysis is an important part of trends because it can be used to make trading

decisions and identify when a trend is reversing. For example, if a trader identifies an important level of

resistance that has been tested several times but never broken, he or she may decide to take profits as the

security moves toward this point because it is unlikely that it will move past this level.

Support and resistance levels both test and confirm trends and need to be monitored by anyone

who uses technical analysis. As long as the price of the share remains between these levels of support and

resistance, the trend is likely to continue. It is important to note, however, that a break beyond a level of

support or resistance does not always have to be a reversal. For example, if prices moved above the

resistance levels of an upward trending channel, the trend have accelerated, not reversed. This means that

the price appreciation is expected to be faster than it was in the channel.

Report on Fundamental & Technical Analysis of ICICI BANK

Moving Averages

Moving averages are used to help identify the trend of prices. By creating an average of prices

that “moves” with the addition of new data, the price action on the security being analyzed is

“smoothed”. In other words, by calculating the average value of a share or indicator, day to day

fluctuations are reduced in importance and what remains is a stronger indication of the trend of

prices over the period being analyzed. The word “Moving” refers to the method of calculation

that takes the average value over a fixed period of time and adds the latest period data to the

calculation of the average while dropping the first period of the calculation. This ensures that the

average continues to be calculated by the same number of periods but movies with each new

period of data that occurs. Thus, the average “moves” along with price and changes in values as

price data is generated.

A longer term moving average such as the 200 day moving average is plotted to identify long-

term trends in price. A basic approach to using moving averages is to use an appropriate period

of moving average by identifying which term of price trend the investor wants to track down. In

this approach, when price is above the moving average it is an indication of bullish behavior.

When price falls from above the moving average to below the moving average, it is a warning

that price trend being viewed may be weakening. When price rises from below the moving

average to above the moving average, it is a bullish indication of the price trend.

x+n

∑ Pi

i=1

MAn =-------------------

n

Where MAn = (n) period moving average;

Pi = price of the share;

n = time period for computing the moving average;

x = the intial time for the moving average calculation, which takes the series

formation 1, 2, 3, 4…..t. ‘t’ being the final time series data.

For analysis ICICI bank trend I took 5 year stock price and 50days,100 days & 200 days moving

Average lines…….

Report on Fundamental & Technical Analysis of ICICI BANK

line

1600

1400

1200

Axis Title

1000

800

600 Close Price of ICICI BANK

400

50 days moving avg

200

0

From above graph, blue line represent ICICI bank share price and red line represent 50days

moving Average. I found when trend line cuts the ICICI bank share price line then there is

reverse Trend.

average line

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1000

Axis Title

800

600 Close Price of ICICI BANK

400 100 days moving avg

200

0

Report on Fundamental & Technical Analysis of ICICI BANK

From above graph, blue line represent ICICI bank share price and red line represent 100days

moving Average. I found when trend line cuts the ICICI bank share price line then there is

reverse Trend.

average line

1600

1400

1200

1000

Axis Title

800

600 Close Price of ICICI BANK

400 200 days moving avg

200

0

From above graph, blue line represent ICICI bank share price and red line represent 200days

moving Average. I found when trend line cuts the ICICI bank share price line then there is

reverse Trend.

In above graph , where 200days moving average line cuts the share price line on 1 of aug 2006,

from then there is reverse trend.

Report on Fundamental & Technical Analysis of ICICI BANK

Correlation and Beta calculations of ICICI Bank & S&P CNX NIFTY

For calculation of Correlation and Beta , I took data from 1jan 2009 to 30 July of 2010.

∑XY 1300.584403

∑X2 1326.382466

N 387

∑X 63.53563259

∑Y 91.10463083

β 0.9769564

CORELATION 0.5345049

Beta value describes the relationship between the stock return and market index return i.e. Beta

is a measure of a stock's volatility in relation to the market. If the regression line is at an exact

450 angle then beta equal to 1.Which mean that 1% change in market index 1% change in stock

return.

A stock that swings more than the market over time has a beta above 1.0. If a stock moves less

than the market, the stock's beta is less than 1.0. High-beta stocks are supposed to be riskier but

provide a potential for higher returns; low-beta stocks pose less risk but also lower returns.

In case of ICICI BANK I found there is beta of .9769 with NIFTY, which almost 1 mean it

Volatile same with NIFTY.

α 0.075020891

Y 0.172716536

I found, correlation between ICICI Bank and NIFTY is Positive and moving in same direction

with 0.5346 appox.

Report on Fundamental & Technical Analysis of ICICI BANK

Conclusion

From the fundamental analysis it is clear that Indian economy doing well during this recession

period as compare to other developing or developed country. Actually Indian economy doing

well more than expectation because India‟s Gross Domestic Product (GDP) registered a better-

than-expected growth rate. In second quarter growth rate was 8.8% which is better than last year

same quarter. According to economist end of this fiscal year our growth rate will be 9.2%.

Sustained growth rate is good for Indian economy. But inflation is one of the reasons which can

sustain Indian growth. In the month of Aug it was 11.25%. But control inflation rate RBI has

taken some step like increase repo rate and reserve repo rate without disturbing growth rate.

According to recent data realize that Indian banking industry contributing 5.3times in Indian

growth so Indian banking industry in growing stage..

Fundamental analysis of ICICI Bank reflects ICICI bank is the largest bank in private sector,

growth rate of ICICI Bank is very high comparing to whole Banking industry. Price earnings

ratio icici bank out performance the whole industry. Recent Acquisition of BOR by ICICI bank

helps ICICI bank to expand its Branch and acquisition help ICICI to acquire large business in

Rajasthan. At present ICICI Bank has 2000 branches by acquisition of BOR adds 463 additional

Branches, which makes ICICI bank as the strongest network in India after State bank of India. It

has a strong back end team to upgrade technology by time to time. Fundamental Analysis

strongly finds a huge growth in ICICI bank. Therefore, I recommend strongly to buy and if

already has then HOLD the share.

Technical analysis of ICICI bank share say it has a positive correlation with NIFTY. In Trend

line analysis I found there is UP TREND in the stock from Sep 2008 and it has a able to

continue its trend because of factors like Acquisition of BOR, huge growth in Banking industry

and its Outstanding innovative products. From Technical analysis, I Recommend buying of

ICICI BANK share and if already purchased then hold for a while.

Report on Fundamental & Technical Analysis of ICICI BANK

Bibliography

http://money.livemint.com/IID64/F100112/Financial/Ratios/Company.aspx

http://money.livemint.com/IID64/F100180/Financial/Ratios/Company.aspx

http://money.livemint.com/IID64/F132215/Financial/Ratios/Company.aspx

http://money.livemint.com/IID64/F131807/Financial/Ratios/Company.aspx

http://money.livemint.com/IID64/F100116/Financial/Ratios/Company.aspx

http://money.livemint.com/IID64/F100315/Financial/Ratios/Company.aspx

http://money.livemint.com/IID64/F132210/Financial/Ratios/Company.aspx

http://data.worldbank.org/country/india

http://www.global-rates.com/economic-indicators/inflation/consumer-prices/cpi/india.aspx

http://www.nseindia.com/

Report on Fundamental & Technical Analysis of ICICI BANK

Annexure

For technical analysis I took 5 year data of icici bank from 2005 to 2010 from NSE INDIA….

Symbol Series Date Open Price High Price Low Price Close Price of

ICICI BANK

ICICIBANK EQ 2-Sep-05 489.9 489.9 478.5 481.5

ICICIBANK EQ 5-Sep-05 488.95 488.95 481.35 484.5

ICICIBANK EQ 6-Sep-05 481.1 525 481.1 488

ICICIBANK EQ 8-Sep-05 488 506.9 485 505.25

ICICIBANK EQ 9-Sep-05 506.9 518.9 497.1 513.55

ICICIBANK EQ 12-Sep-05 513.55 518 509 516.45

ICICIBANK EQ 13-Sep-05 514 521.4 506.6 518.5

ICICIBANK EQ 14-Sep-05 512.1 530 512.1 527.25

ICICIBANK EQ 15-Sep-05 529.8 535 525 533.15

ICICIBANK EQ 16-Sep-05 533.95 550 527 546.15

ICICIBANK EQ 19-Sep-05 546 558.4 541 555.4

ICICIBANK EQ 20-Sep-05 550 588 542.15 582.3

ICICIBANK EQ 21-Sep-05 574 587.8 552 576.5

ICICIBANK EQ 22-Sep-05 573 582.5 563.5 573.15

ICICIBANK EQ 23-Sep-05 568 584 548.15 574.55

ICICIBANK EQ 26-Sep-05 575 585.65 573.1 575.85

ICICIBANK EQ 27-Sep-05 555.55 593.5 555.55 590.35

ICICIBANK EQ 28-Sep-05 594.5 601.8 590.1 599.4

ICICIBANK EQ 29-Sep-05 595.2 603.9 587 598.95

ICICIBANK EQ 30-Sep-05 599 614.95 590.5 601.7

ICICIBANK EQ 3-Oct-05 604.4 614 587.65 593.4

ICICIBANK EQ 4-Oct-05 592.5 598 582 590.35

ICICIBANK EQ 5-Oct-05 591 597.95 558.5 562.1

ICICIBANK EQ 6-Oct-05 562 563.5 532.1 534.5

ICICIBANK EQ 7-Oct-05 534.5 541.95 521.15 529.95

ICICIBANK EQ 10-Oct-05 530.8 559 527.75 531.4

ICICIBANK EQ 11-Oct-05 535.85 539.8 521.2 538.55

ICICIBANK EQ 13-Oct-05 539.8 551.5 517.5 525.65

ICICIBANK EQ 14-Oct-05 549.7 549.7 502.25 506.25

ICICIBANK EQ 17-Oct-05 514.8 514.8 495.5 500.35

ICICIBANK EQ 18-Oct-05 504 511.95 491.4 496.65

ICICIBANK EQ 19-Oct-05 496 503.7 481 497.6

ICICIBANK EQ 20-Oct-05 503.7 519.8 491.5 496.9

ICICIBANK EQ 21-Oct-05 495 508.85 493.25 506.55

ICICIBANK EQ 24-Oct-05 507 520 493.4 497.6

ICICIBANK EQ 25-Oct-05 493.4 507.95 467.5 503.95

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 27-Oct-05 512.5 512.5 474.1 479.9

ICICIBANK EQ 28-Oct-05 482.05 490 472.5 485.5

ICICIBANK EQ 31-Oct-05 487 500 486.5 498.6

ICICIBANK EQ 1-Nov-05 501 510 493.7 498.65

ICICIBANK EQ 2-Nov-05 503.5 504.7 497.6 499.45

ICICIBANK EQ 7-Nov-05 500 505.95 495 499.55

ICICIBANK EQ 8-Nov-05 505.95 510 499 504.7

ICICIBANK EQ 9-Nov-05 510 513.9 502 505.5

ICICIBANK EQ 10-Nov-05 507 511 501.2 503.65

ICICIBANK EQ 11-Nov-05 505 517.9 504 515.1

ICICIBANK EQ 14-Nov-05 517.9 531.9 517.9 526.9

ICICIBANK EQ 16-Nov-05 527 536 525 533.1

ICICIBANK EQ 17-Nov-05 535 547 532.9 545.4

ICICIBANK EQ 18-Nov-05 532.9 551 531 538.65

ICICIBANK EQ 21-Nov-05 540.95 540.95 520 522.4

ICICIBANK EQ 22-Nov-05 520 529.5 515.8 519.95

ICICIBANK EQ 23-Nov-05 515.8 528.8 515 527.9

ICICIBANK EQ 24-Nov-05 527.5 543.7 523.25 538.85

ICICIBANK EQ 25-Nov-05 545 555 538.25 544.7

ICICIBANK EQ 26-Nov-05 546 549 539.05 540.65

ICICIBANK EQ 28-Nov-05 544 545 536.15 539

ICICIBANK EQ 29-Nov-05 538.3 540.9 532.2 536.9

ICICIBANK EQ 30-Nov-05 540.9 553.8 535.6 538.05

ICICIBANK EQ 1-Dec-05 540 544.8 537 540.55

ICICIBANK EQ 2-Dec-05 544.8 556 542 544.2

ICICIBANK EQ 5-Dec-05 542 548.9 530.65 532.75

ICICIBANK EQ 6-Dec-05 530.65 536 525 529.9

ICICIBANK EQ 7-Dec-05 530 544 524 542.45

ICICIBANK EQ 8-Dec-05 544 546.5 534.1 540.2

ICICIBANK EQ 9-Dec-05 539.7 550.9 537.15 549.3

ICICIBANK EQ 12-Dec-05 550.9 566 550.9 561.65

ICICIBANK EQ 13-Dec-05 562 569.8 558.2 562.4

ICICIBANK EQ 14-Dec-05 562 574.65 562 571.6

ICICIBANK EQ 15-Dec-05 572.8 574.5 559.1 562.45

ICICIBANK EQ 16-Dec-05 564.8 594 557.5 586.55

ICICIBANK EQ 19-Dec-05 579.6 586.25 570.55 584.85

ICICIBANK EQ 20-Dec-05 585 586.9 572.35 575.05

ICICIBANK EQ 21-Dec-05 574 590.9 569.5 575.1

ICICIBANK EQ 22-Dec-05 579.8 582.65 570.55 573.55

ICICIBANK EQ 23-Dec-05 580 593 571 581.05

ICICIBANK EQ 26-Dec-05 582 584 550.5 559.55

ICICIBANK EQ 27-Dec-05 559.5 580 541.15 578.2

ICICIBANK EQ 28-Dec-05 575 586.6 572.25 576.45

ICICIBANK EQ 29-Dec-05 576 582.4 571.3 573.85

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 2-Jan-06 587.7 609.9 587.7 597

ICICIBANK EQ 3-Jan-06 597 608.5 574.6 606.5

ICICIBANK EQ 4-Jan-06 611 621 608 613.7

ICICIBANK EQ 5-Jan-06 617.9 617.9 594.5 604.55

ICICIBANK EQ 6-Jan-06 605.8 609.75 594.65 600.15

ICICIBANK EQ 9-Jan-06 601 603.7 587.05 591.2

ICICIBANK EQ 10-Jan-06 593.95 595 582.1 585.25

ICICIBANK EQ 12-Jan-06 585 587 576 577.8

ICICIBANK EQ 13-Jan-06 579 591.9 578 584

ICICIBANK EQ 16-Jan-06 585 585 565 573.3

ICICIBANK EQ 17-Jan-06 574.8 583.9 561.1 564.4

ICICIBANK EQ 18-Jan-06 560 567 545 559.15

ICICIBANK EQ 19-Jan-06 563 574.4 563 569.55

ICICIBANK EQ 20-Jan-06 585 585 570.1 579.5

ICICIBANK EQ 23-Jan-06 576 578.95 565 570.7

ICICIBANK EQ 24-Jan-06 574.3 578 570.1 573.1

ICICIBANK EQ 25-Jan-06 574.05 605.85 573.25 597.05

ICICIBANK EQ 27-Jan-06 605.3 621.4 601 619.55

ICICIBANK EQ 30-Jan-06 601 620 530.05 614.65

ICICIBANK EQ 31-Jan-06 619.8 619.8 608 609.25

ICICIBANK EQ 1-Feb-06 619.9 619.9 588.6 590.2

ICICIBANK EQ 2-Feb-06 608 608 576.1 579.95

ICICIBANK EQ 3-Feb-06 579.95 580 566.1 570.95

ICICIBANK EQ 6-Feb-06 580 612.35 580 608.25

ICICIBANK EQ 7-Feb-06 606.4 635 602 628.75

ICICIBANK EQ 8-Feb-06 621.1 630 607 619.1

ICICIBANK EQ 10-Feb-06 623 623 597.25 603.8

ICICIBANK EQ 13-Feb-06 605.5 614 605.05 609.5

ICICIBANK EQ 14-Feb-06 609.5 611 593.55 596.5

ICICIBANK EQ 15-Feb-06 511.8 606 511.8 598.3

ICICIBANK EQ 16-Feb-06 576 601.9 576 597.8

ICICIBANK EQ 17-Feb-06 601 604.25 585 586.9

ICICIBANK EQ 20-Feb-06 592 594.9 571.55 591.75

ICICIBANK EQ 21-Feb-06 594.9 599.1 590 593.35

ICICIBANK EQ 22-Feb-06 593 597 586.05 594.3

ICICIBANK EQ 23-Feb-06 597 602 583.1 588.4

ICICIBANK EQ 24-Feb-06 588 596 583.2 593.8

ICICIBANK EQ 27-Feb-06 593.8 598.3 592.7 596.6

ICICIBANK EQ 28-Feb-06 596.6 619 596.6 615.25

ICICIBANK EQ 1-Mar-06 600 620 560 616.55

ICICIBANK EQ 2-Mar-06 620 628.85 608.3 620.4

ICICIBANK EQ 3-Mar-06 620 623.9 609.05 611.8

ICICIBANK EQ 6-Mar-06 615 618.9 610.25 613.35

ICICIBANK EQ 7-Mar-06 612 613.7 597.2 600.9

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 9-Mar-06 596 604.5 580 601.75

ICICIBANK EQ 10-Mar-06 603.7 616 595 614.35

ICICIBANK EQ 13-Mar-06 615 617.95 601.2 605.2

ICICIBANK EQ 14-Mar-06 605 640 602 606.9

ICICIBANK EQ 16-Mar-06 613.25 613.25 603.65 610.8

ICICIBANK EQ 17-Mar-06 606 612.5 605 606.15

ICICIBANK EQ 20-Mar-06 606.15 609 603.1 606.25

ICICIBANK EQ 21-Mar-06 609 609 595 598.2

ICICIBANK EQ 22-Mar-06 596 598 588.1 592.75

ICICIBANK EQ 23-Mar-06 597.9 603.9 590.5 592.5

ICICIBANK EQ 24-Mar-06 590 600 588 598.65

ICICIBANK EQ 27-Mar-06 600 610 598 598.95

ICICIBANK EQ 28-Mar-06 602 604 590 592.6

ICICIBANK EQ 29-Mar-06 594 601.3 590 598.5

ICICIBANK EQ 30-Mar-06 601.3 604.8 584.1 588.7

ICICIBANK EQ 31-Mar-06 595 599 588 589.05

ICICIBANK EQ 3-Apr-06 599 611.95 592 604

ICICIBANK EQ 4-Apr-06 611.95 628 611.95 613.75

ICICIBANK EQ 5-Apr-06 615 625 610 621.9

ICICIBANK EQ 7-Apr-06 619.95 623 597.2 599.7

ICICIBANK EQ 10-Apr-06 598 609 588.1 597.45

ICICIBANK EQ 12-Apr-06 592.2 599 580 582.55

ICICIBANK EQ 13-Apr-06 584.4 584.4 560.25 563.35

ICICIBANK EQ 17-Apr-06 570 584.85 566 580.7

ICICIBANK EQ 18-Apr-06 584.85 595 583 586.5

ICICIBANK EQ 19-Apr-06 594.7 594.7 584.1 588.05

ICICIBANK EQ 20-Apr-06 586 590 582 588.65

ICICIBANK EQ 21-Apr-06 592 598 585 591.6

ICICIBANK EQ 24-Apr-06 593 593 480 569.05

ICICIBANK EQ 25-Apr-06 571 576.15 557 559.8

ICICIBANK EQ 26-Apr-06 560 569.9 560 567.5

ICICIBANK EQ 27-Apr-06 568 577.85 561.3 566.15

ICICIBANK EQ 28-Apr-06 551 579 521 576.8

ICICIBANK EQ 29-Apr-06 580 635 580 591.75

ICICIBANK EQ 2-May-06 600.1 625.85 600.1 621.95

ICICIBANK EQ 3-May-06 625.85 652.4 615.1 649.1

ICICIBANK EQ 4-May-06 615.1 664.8 600 659.9

ICICIBANK EQ 5-May-06 660.1 664.85 635.6 638.2

ICICIBANK EQ 8-May-06 648.95 653.5 631.65 634.55

ICICIBANK EQ 9-May-06 642 642 629.5 639.15

ICICIBANK EQ 10-May-06 640 670 636.05 660.75

ICICIBANK EQ 11-May-06 658 675 649 662.55

ICICIBANK EQ 12-May-06 655.1 655.1 632.1 636.05

ICICIBANK EQ 15-May-06 640 640 611.05 619.3

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 17-May-06 625 635.7 620.05 626.05

ICICIBANK EQ 18-May-06 626 626 581 593.75

ICICIBANK EQ 19-May-06 600 618.5 550 555.45

ICICIBANK EQ 22-May-06 585 592 492 553.15

ICICIBANK EQ 23-May-06 559.9 590 525 577.35

ICICIBANK EQ 24-May-06 577.35 612.85 552.3 568.9

ICICIBANK EQ 25-May-06 558.1 572 546 558.95

ICICIBANK EQ 26-May-06 572 579.8 561.05 563.75

ICICIBANK EQ 29-May-06 567 574.4 561.15 569.3

ICICIBANK EQ 30-May-06 574.4 574.9 560.2 569.9

ICICIBANK EQ 31-May-06 568.7 568.7 530 537.5

ICICIBANK EQ 1-Jun-06 542 551 531.15 534.3

ICICIBANK EQ 2-Jun-06 532 554 530 551.95

ICICIBANK EQ 5-Jun-06 553 557 530 538.1

ICICIBANK EQ 6-Jun-06 532 553.8 511.65 542.7

ICICIBANK EQ 7-Jun-06 524.1 543.7 524 533.25

ICICIBANK EQ 8-Jun-06 531.55 531.55 490.25 498.85

ICICIBANK EQ 9-Jun-06 496 511 479 500.35

ICICIBANK EQ 12-Jun-06 502 505 465 474.2

ICICIBANK EQ 13-Jun-06 465 465.9 435 459.65

ICICIBANK EQ 14-Jun-06 465 480 441.1 451.2

ICICIBANK EQ 15-Jun-06 464.05 486.65 460.9 482.55

ICICIBANK EQ 16-Jun-06 490 524.9 490 506.7

ICICIBANK EQ 19-Jun-06 498 509.7 493 501

ICICIBANK EQ 20-Jun-06 493 494.7 481.1 490.45

ICICIBANK EQ 21-Jun-06 494.7 499.9 488.25 494.4

ICICIBANK EQ 22-Jun-06 499.9 521.5 499.9 512.25

ICICIBANK EQ 23-Jun-06 509 509.8 488 508.05

ICICIBANK EQ 25-Jun-06 514 514 505 507.2

ICICIBANK EQ 26-Jun-06 507 513 486.55 490.75

ICICIBANK EQ 27-Jun-06 500 505.85 481 498.6

ICICIBANK EQ 28-Jun-06 497 506.05 485 488.9

ICICIBANK EQ 29-Jun-06 493 502 465.7 479.05

ICICIBANK EQ 30-Jun-06 494.4 505 475 487.9

ICICIBANK EQ 3-Jul-06 499 518.35 485 489.1

ICICIBANK EQ 4-Jul-06 495.4 499 488.05 490.35

ICICIBANK EQ 5-Jul-06 492 503.7 488 499.9

ICICIBANK EQ 6-Jul-06 494 495 482 485.55

ICICIBANK EQ 7-Jul-06 491.2 504 477 498.95

ICICIBANK EQ 10-Jul-06 496 498 487 493

ICICIBANK EQ 11-Jul-06 490.5 495 485 487.95

ICICIBANK EQ 12-Jul-06 485 496 464.95 488.3

ICICIBANK EQ 13-Jul-06 488 498 482.2 495.75

ICICIBANK EQ 14-Jul-06 482.2 492 472.5 485.9

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 18-Jul-06 477 478 467.45 472.6

ICICIBANK EQ 19-Jul-06 476.1 481.9 465.1 467.75

ICICIBANK EQ 20-Jul-06 477.2 494.9 477.2 492.05

ICICIBANK EQ 21-Jul-06 491.4 491.4 478.1 484.75

ICICIBANK EQ 24-Jul-06 486 518 481 514.85

ICICIBANK EQ 25-Jul-06 519.95 545 519.95 542.4

ICICIBANK EQ 26-Jul-06 545 548.9 530.35 540.5

ICICIBANK EQ 27-Jul-06 541 552 536.1 543.6

ICICIBANK EQ 28-Jul-06 532.3 545.9 532.3 542.55

ICICIBANK EQ 31-Jul-06 544.9 568 544.55 553.85

ICICIBANK EQ 1-Aug-06 554 554 541.9 549.65

ICICIBANK EQ 2-Aug-06 550 552.4 541.05 548

ICICIBANK EQ 3-Aug-06 552 565.85 550.3 557.6

ICICIBANK EQ 4-Aug-06 557.6 561.8 542 547

ICICIBANK EQ 7-Aug-06 552 571 535 567.85

ICICIBANK EQ 8-Aug-06 570 599.5 569.9 595.55

ICICIBANK EQ 9-Aug-06 591.5 605.6 586 590.3

ICICIBANK EQ 10-Aug-06 592 605 584 599.25

ICICIBANK EQ 11-Aug-06 600 602 582 584.5

ICICIBANK EQ 14-Aug-06 584.5 590.35 575 576.75

ICICIBANK EQ 16-Aug-06 585 595.9 580 590.7

ICICIBANK EQ 17-Aug-06 593 600 589 591.5

ICICIBANK EQ 18-Aug-06 592 595 578.25 588.35

ICICIBANK EQ 21-Aug-06 592 597 582.35 594.65

ICICIBANK EQ 22-Aug-06 598 604.75 592.5 595.15

ICICIBANK EQ 23-Aug-06 593 598 586.15 590.6

ICICIBANK EQ 24-Aug-06 590 591.95 580 589.15

ICICIBANK EQ 25-Aug-06 612 648 586.1 588.95

ICICIBANK EQ 28-Aug-06 592 592 585.1 587.75

ICICIBANK EQ 29-Aug-06 592 597.1 589.85 595.3

ICICIBANK EQ 30-Aug-06 596.05 599 590.9 593.9

ICICIBANK EQ 31-Aug-06 596 602.65 594 597.45

ICICIBANK EQ 1-Sep-06 594.9 611.9 588.5 609.6

ICICIBANK EQ 4-Sep-06 618 625 615.1 622.75

ICICIBANK EQ 5-Sep-06 624.85 624.85 611 613.15

ICICIBANK EQ 6-Sep-06 618.5 619.9 606.2 610.45

ICICIBANK EQ 7-Sep-06 610.5 610.5 602 607.1

ICICIBANK EQ 8-Sep-06 608 618.9 601.1 606.4

ICICIBANK EQ 11-Sep-06 607.3 608.7 593.05 596.75

ICICIBANK EQ 12-Sep-06 593.05 607.5 585.1 604.75

ICICIBANK EQ 13-Sep-06 605.1 634.5 605.1 631.75

ICICIBANK EQ 14-Sep-06 635 655 631.75 650.35

ICICIBANK EQ 15-Sep-06 645.1 649.9 641 646.6

ICICIBANK EQ 18-Sep-06 645.1 652.5 637.35 643.65

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 20-Sep-06 636 656 634.5 651.2

ICICIBANK EQ 21-Sep-06 665 669.75 653.65 663.4

ICICIBANK EQ 22-Sep-06 663 663 640.5 654.9

ICICIBANK EQ 25-Sep-06 576.65 724.4 576.65 658.65

ICICIBANK EQ 26-Sep-06 636 680 636 678.25

ICICIBANK EQ 27-Sep-06 661.25 694 661.25 688.25

ICICIBANK EQ 28-Sep-06 690.1 712.9 680.35 708.8

ICICIBANK EQ 29-Sep-06 795.15 795.15 694.3 699.6

ICICIBANK EQ 3-Oct-06 700 708 691.5 697.75

ICICIBANK EQ 4-Oct-06 675.6 698 675.6 695.05

ICICIBANK EQ 5-Oct-06 696 709.8 696 705.85

ICICIBANK EQ 6-Oct-06 700 708.9 700 702.45

ICICIBANK EQ 9-Oct-06 697.1 704 695.3 698.6

ICICIBANK EQ 10-Oct-06 699.1 701.95 692.35 695.5

ICICIBANK EQ 11-Oct-06 703 703 682.5 687

ICICIBANK EQ 12-Oct-06 689 693.4 672.3 690.4

ICICIBANK EQ 13-Oct-06 704 704.2 692 694.9

ICICIBANK EQ 16-Oct-06 703.5 722.7 694.3 720.3

ICICIBANK EQ 17-Oct-06 724.5 729.45 713 726.3

ICICIBANK EQ 18-Oct-06 720 746.85 720 744.55

ICICIBANK EQ 19-Oct-06 747 747 735.15 741.75

ICICIBANK EQ 20-Oct-06 745 746 726.3 741.5

ICICIBANK EQ 21-Oct-06 743.9 746 732.55 739.3

ICICIBANK EQ 23-Oct-06 740 741.7 719 720.55

ICICIBANK EQ 26-Oct-06 725.55 767 725.55 759.35

ICICIBANK EQ 27-Oct-06 760 765 751.3 758.55

ICICIBANK EQ 30-Oct-06 758 791.9 749.1 787.9

ICICIBANK EQ 31-Oct-06 794.85 794.85 760 777.15

ICICIBANK EQ 1-Nov-06 784.9 784.9 771.15 778.15

ICICIBANK EQ 2-Nov-06 760 784.8 760 779.6

ICICIBANK EQ 3-Nov-06 784 784 768.35 772.75

ICICIBANK EQ 6-Nov-06 778 778 765.05 767.65

ICICIBANK EQ 7-Nov-06 772 776.95 765 770.75

ICICIBANK EQ 8-Nov-06 770.75 795 758.35 785.05

ICICIBANK EQ 9-Nov-06 793.8 804.8 787.2 800.35

ICICIBANK EQ 10-Nov-06 805 838.45 797 830.95

ICICIBANK EQ 13-Nov-06 839.8 850 827 841

ICICIBANK EQ 14-Nov-06 844.9 860 839 856.9

ICICIBANK EQ 15-Nov-06 854.9 886.9 851.1 880.5

ICICIBANK EQ 16-Nov-06 886 925 876.2 887.35

ICICIBANK EQ 17-Nov-06 890 899.9 870.05 876.55

ICICIBANK EQ 20-Nov-06 861 880 835.1 859.2

ICICIBANK EQ 21-Nov-06 877.75 877.75 862.1 872.35

ICICIBANK EQ 22-Nov-06 879.9 889.9 872.35 880.05

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 24-Nov-06 875 880 869 872.85

ICICIBANK EQ 27-Nov-06 876.5 887.75 873.1 883.05

ICICIBANK EQ 28-Nov-06 877 877 855.5 861.3

ICICIBANK EQ 29-Nov-06 879.75 879.75 852.65 858.65

ICICIBANK EQ 30-Nov-06 860 878.3 855.3 872.45

ICICIBANK EQ 1-Dec-06 883 884.5 865.65 878.15

ICICIBANK EQ 4-Dec-06 872 884.8 861.3 870.7

ICICIBANK EQ 5-Dec-06 878.9 878.9 859 863.55

ICICIBANK EQ 6-Dec-06 863 878.4 861.35 868.45

ICICIBANK EQ 7-Dec-06 873 884.25 861.45 879.15

ICICIBANK EQ 8-Dec-06 881 891.5 870.5 880.35

ICICIBANK EQ 11-Dec-06 865 875 809.25 820.85

ICICIBANK EQ 12-Dec-06 819.85 832 772.1 803.95

ICICIBANK EQ 13-Dec-06 811 839.7 805 830.9

ICICIBANK EQ 14-Dec-06 840 876.5 838 870.35

ICICIBANK EQ 15-Dec-06 880.4 885 866.1 870.8

ICICIBANK EQ 18-Dec-06 879.9 890 858.1 887.15

ICICIBANK EQ 19-Dec-06 885 889.9 853.9 868.2

ICICIBANK EQ 20-Dec-06 870 879.75 846.15 854.4

ICICIBANK EQ 21-Dec-06 850.05 859.3 835.1 854.25

ICICIBANK EQ 22-Dec-06 856 864.85 846 857

ICICIBANK EQ 26-Dec-06 857.85 878.9 850 873

ICICIBANK EQ 27-Dec-06 883.9 908.6 879 894.25

ICICIBANK EQ 28-Dec-06 900 914 896 903.2

ICICIBANK EQ 29-Dec-06 903.2 909 886 891.5

ICICIBANK EQ 2-Jan-07 892 906.5 888 897.45

ICICIBANK EQ 3-Jan-07 909.75 909.75 886.35 894.55

ICICIBANK EQ 4-Jan-07 895 909 886 890.5

ICICIBANK EQ 5-Jan-07 890 919 890 910.1

ICICIBANK EQ 8-Jan-07 917 917 897.55 906.3

ICICIBANK EQ 9-Jan-07 905.2 918 903.2 912.35

ICICIBANK EQ 10-Jan-07 909.95 915 872.2 883.85

ICICIBANK EQ 11-Jan-07 890 909.95 872.2 892.35

ICICIBANK EQ 12-Jan-07 915 979.8 911 972.3

ICICIBANK EQ 15-Jan-07 977.8 984 955 957.85

ICICIBANK EQ 16-Jan-07 964.85 969.95 949.1 960.05

ICICIBANK EQ 17-Jan-07 960 993.9 953 986.85

ICICIBANK EQ 18-Jan-07 986.85 995 960.3 971.25

ICICIBANK EQ 19-Jan-07 971.25 992 954.15 985.4

ICICIBANK EQ 22-Jan-07 994.4 998.9 965 977.2

ICICIBANK EQ 23-Jan-07 975 979.9 955.1 964.3

ICICIBANK EQ 24-Jan-07 999 999 968.3 974.55

ICICIBANK EQ 25-Jan-07 988 1000 968.4 991.45

ICICIBANK EQ 29-Jan-07 991.45 991.45 950.3 955.95

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 1-Feb-07 951 957 942.35 952.55

ICICIBANK EQ 2-Feb-07 959.9 963.5 941.05 944.9

ICICIBANK EQ 5-Feb-07 959.65 959.65 938.15 946.8

ICICIBANK EQ 6-Feb-07 949.85 976.5 946.5 957.9

ICICIBANK EQ 7-Feb-07 961 989.9 960 983.15

ICICIBANK EQ 8-Feb-07 988 1005 980.05 999.7

ICICIBANK EQ 9-Feb-07 999 1010 981.85 996.15

ICICIBANK EQ 12-Feb-07 990.1 990.1 936.55 966.15

ICICIBANK EQ 13-Feb-07 960 988.9 946 955.9

ICICIBANK EQ 14-Feb-07 932.35 945 891.25 914.4

ICICIBANK EQ 15-Feb-07 920 954.7 917.8 949.6

ICICIBANK EQ 19-Feb-07 952.4 985.9 944.3 980.2

ICICIBANK EQ 20-Feb-07 985 987.8 965.1 969.45

ICICIBANK EQ 21-Feb-07 987 987 962.3 969.3

ICICIBANK EQ 22-Feb-07 974 982 938.2 946.2

ICICIBANK EQ 23-Feb-07 954.8 954.8 892.55 907

ICICIBANK EQ 26-Feb-07 913.8 923.45 876 904

ICICIBANK EQ 27-Feb-07 904 904 855.6 875.8

ICICIBANK EQ 28-Feb-07 849.8 859 801.5 829.5

ICICIBANK EQ 1-Mar-07 840 858.5 824 855.35

ICICIBANK EQ 2-Mar-07 850 859 835.2 842.9

ICICIBANK EQ 5-Mar-07 855.5 855.5 793.25 821.55

ICICIBANK EQ 6-Mar-07 845 858.9 830 847.9

ICICIBANK EQ 7-Mar-07 882.5 882.5 818 828.65

ICICIBANK EQ 8-Mar-07 831 868.85 824 863

ICICIBANK EQ 9-Mar-07 871.65 878.7 846 858.6

ICICIBANK EQ 12-Mar-07 865 879.7 855.6 868.7

ICICIBANK EQ 13-Mar-07 871.25 881 866.35 877.6

ICICIBANK EQ 14-Mar-07 849.8 849.8 817.05 829.4

ICICIBANK EQ 15-Mar-07 835 852.4 815.1 823.9

ICICIBANK EQ 16-Mar-07 822.7 830 801.1 810

ICICIBANK EQ 19-Mar-07 828 828 798.5 822.55

ICICIBANK EQ 20-Mar-07 833.8 835.95 820.15 824

ICICIBANK EQ 21-Mar-07 828 874.7 826 870.55

ICICIBANK EQ 22-Mar-07 970.35 990 878 899.6

ICICIBANK EQ 23-Mar-07 870 917 870 891.6

ICICIBANK EQ 26-Mar-07 899 907.2 870 875.7

ICICIBANK EQ 28-Mar-07 866.1 870 851.5 857.85

ICICIBANK EQ 29-Mar-07 859.45 868.7 837 855.3

ICICIBANK EQ 30-Mar-07 803.65 863.55 803.65 853.35

ICICIBANK EQ 2-Apr-07 820.6 829.7 800.05 803.95

ICICIBANK EQ 3-Apr-07 808 814.6 791 807.9

ICICIBANK EQ 4-Apr-07 817 831.85 816 820.95

ICICIBANK EQ 5-Apr-07 823 843.9 811 838.65

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 10-Apr-07 858.25 864 838.55 857.75

ICICIBANK EQ 11-Apr-07 858 871.85 852.25 859.5

ICICIBANK EQ 12-Apr-07 840 854.85 834.6 849.25

ICICIBANK EQ 13-Apr-07 864 879 851 873.45

ICICIBANK EQ 16-Apr-07 881 893.8 878 888.25

ICICIBANK EQ 17-Apr-07 899 899 882.1 894

ICICIBANK EQ 18-Apr-07 895 911 891 898.95

ICICIBANK EQ 19-Apr-07 895 912 875.15 905.15

ICICIBANK EQ 20-Apr-07 906 921 903 916.7

ICICIBANK EQ 23-Apr-07 915 924.5 902.35 917.55

ICICIBANK EQ 24-Apr-07 905 959 905 950.1

ICICIBANK EQ 25-Apr-07 955 970.9 935 962.9

ICICIBANK EQ 26-Apr-07 965.2 994.7 955.05 961.45

ICICIBANK EQ 27-Apr-07 964.7 964.7 930 935.15

ICICIBANK EQ 30-Apr-07 890 890 842.1 865.85

ICICIBANK EQ 3-May-07 898 898 864.65 869.9

ICICIBANK EQ 4-May-07 878.85 878.85 852 855.85

ICICIBANK EQ 7-May-07 874.45 874.45 841 843.75

ICICIBANK EQ 8-May-07 845 860 837 839.8

ICICIBANK EQ 9-May-07 845 852.45 826.3 849.35

ICICIBANK EQ 10-May-07 859 860 841.05 842.95

ICICIBANK EQ 11-May-07 835 860 822.15 848.45

ICICIBANK EQ 14-May-07 855.1 873.7 852 870.4

ICICIBANK EQ 15-May-07 870 889.9 870 886.85

ICICIBANK EQ 16-May-07 886.85 923.8 886.85 918.6

ICICIBANK EQ 17-May-07 935 954.5 931.4 938.05

ICICIBANK EQ 18-May-07 930 954.9 930 951.15

ICICIBANK EQ 21-May-07 955 964 935.3 943

ICICIBANK EQ 22-May-07 943.8 946 924.15 928.55

ICICIBANK EQ 23-May-07 945 945 913 917.85

ICICIBANK EQ 24-May-07 910 930 905.1 911.3

ICICIBANK EQ 25-May-07 900 917.2 881.25 912.7

ICICIBANK EQ 28-May-07 918.85 935.05 916 922.8

ICICIBANK EQ 29-May-07 923 931 917 920.6

ICICIBANK EQ 30-May-07 918.8 921.95 908.1 913.65

ICICIBANK EQ 31-May-07 927.9 927.9 910 919.15

ICICIBANK EQ 1-Jun-07 925 938.8 922.1 930.45

ICICIBANK EQ 4-Jun-07 930.45 941 922.1 933.35

ICICIBANK EQ 5-Jun-07 933.75 950.7 927.25 939.05

ICICIBANK EQ 6-Jun-07 941 941 910 911.2

ICICIBANK EQ 7-Jun-07 910 923.9 900 909.1

ICICIBANK EQ 8-Jun-07 900 914.4 888 903.45

ICICIBANK EQ 11-Jun-07 920 922 900 901.95

ICICIBANK EQ 12-Jun-07 903 923.3 896 919.35

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 14-Jun-07 915 925 901.55 905.85

ICICIBANK EQ 15-Jun-07 914.65 922.75 903 908.7

ICICIBANK EQ 18-Jun-07 926.1 926.1 915 918.75

ICICIBANK EQ 19-Jun-07 922 949.9 920.2 945.15

ICICIBANK EQ 20-Jun-07 950 961.7 946 948.15

ICICIBANK EQ 21-Jun-07 954 954 938.75 949.95

ICICIBANK EQ 22-Jun-07 949.95 966.75 947.3 954.55

ICICIBANK EQ 25-Jun-07 955 955 930 952.6

ICICIBANK EQ 26-Jun-07 965 965 930 945.9

ICICIBANK EQ 27-Jun-07 944.5 948 935.25 938.05

ICICIBANK EQ 28-Jun-07 942 948 935.25 942.85

ICICIBANK EQ 29-Jun-07 944.1 959.05 944.1 955.45

ICICIBANK EQ 3-Jul-07 953 974.95 945.6 966.7

ICICIBANK EQ 4-Jul-07 975 994 958.55 985.95

ICICIBANK EQ 5-Jul-07 991 1009 970.1 1003.65

ICICIBANK EQ 6-Jul-07 1000 1010 977.15 981.5

ICICIBANK EQ 9-Jul-07 979.9 983.7 952.65 970.7

ICICIBANK EQ 11-Jul-07 960 967.15 950.5 953.55

ICICIBANK EQ 12-Jul-07 964 977.1 957.15 967.65

ICICIBANK EQ 13-Jul-07 976 991.25 967.65 972.5

ICICIBANK EQ 16-Jul-07 972.5 978.9 966.35 970.9

ICICIBANK EQ 17-Jul-07 948 988.7 948 973.7

ICICIBANK EQ 18-Jul-07 975 987 965.1 983.35

ICICIBANK EQ 19-Jul-07 990 999.9 981.55 989.6

ICICIBANK EQ 20-Jul-07 994.4 1003.5 982.1 985.85

ICICIBANK EQ 23-Jul-07 983 983 956.3 970.1

ICICIBANK EQ 24-Jul-07 970 991.15 966.15 969.65

ICICIBANK EQ 25-Jul-07 968.25 968.7 952 958.4

ICICIBANK EQ 26-Jul-07 961 967.4 941.15 944.55

ICICIBANK EQ 27-Jul-07 930 934.9 901 914.4

ICICIBANK EQ 30-Jul-07 910 940 901.25 923

ICICIBANK EQ 31-Jul-07 930.8 938 905 927.45

ICICIBANK EQ 1-Aug-07 920 920 885.1 891

ICICIBANK EQ 2-Aug-07 900 905.5 881.55 901.4

ICICIBANK EQ 3-Aug-07 915 920 906 915.5

ICICIBANK EQ 6-Aug-07 915.5 915.5 876.35 886.9

ICICIBANK EQ 7-Aug-07 905 917.9 865.3 869.9

ICICIBANK EQ 8-Aug-07 880 894 873 884

ICICIBANK EQ 9-Aug-07 890 920 884 889.7

ICICIBANK EQ 10-Aug-07 870 870 840.1 864.1

ICICIBANK EQ 13-Aug-07 880 880 865 873.85

ICICIBANK EQ 14-Aug-07 888.8 888.8 874.2 878.65

ICICIBANK EQ 16-Aug-07 842.1 842.1 816.55 832.15

ICICIBANK EQ 17-Aug-07 828 861.7 805 824.7

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 21-Aug-07 870 872 822.3 829.05

ICICIBANK EQ 22-Aug-07 840 852.95 811.05 846.1

ICICIBANK EQ 23-Aug-07 858 869 822.1 824.95

ICICIBANK EQ 24-Aug-07 835.55 839 822.2 833.8

ICICIBANK EQ 27-Aug-07 859.9 887.9 852.1 883.55

ICICIBANK EQ 28-Aug-07 883.55 883.55 858 862.9

ICICIBANK EQ 29-Aug-07 855 862.9 841.25 857.1

ICICIBANK EQ 30-Aug-07 870 877.6 860 873.05

ICICIBANK EQ 31-Aug-07 873.05 894.6 869 888.4

ICICIBANK EQ 3-Sep-07 890.1 911 890.1 907.9

ICICIBANK EQ 4-Sep-07 917.15 926.4 901 908.6

ICICIBANK EQ 5-Sep-07 910.5 925 905 915.4

ICICIBANK EQ 6-Sep-07 907 922.9 903.1 920.9

ICICIBANK EQ 7-Sep-07 925 930.65 915 920.05

ICICIBANK EQ 10-Sep-07 910 916 903.3 910.9

ICICIBANK EQ 11-Sep-07 916 919 898.9 901.55

ICICIBANK EQ 12-Sep-07 911 911 882 885.35

ICICIBANK EQ 13-Sep-07 887 900.1 882.35 884.05

ICICIBANK EQ 14-Sep-07 889 924 889 906.3

ICICIBANK EQ 17-Sep-07 908 913 890.9 895.15

ICICIBANK EQ 18-Sep-07 895 931 892 924.55

ICICIBANK EQ 19-Sep-07 940 979 940 973.55

ICICIBANK EQ 20-Sep-07 970 980 958.45 967.1

ICICIBANK EQ 21-Sep-07 967.1 978.8 959.2 966.05

ICICIBANK EQ 24-Sep-07 975 999 975 996.3

ICICIBANK EQ 25-Sep-07 999.75 1008.05 968.65 993.05

ICICIBANK EQ 26-Sep-07 997.3 1032.9 994.1 1020

ICICIBANK EQ 27-Sep-07 1040 1040 1010.3 1028.25

ICICIBANK EQ 28-Sep-07 1040 1069.9 1027 1062.4

ICICIBANK EQ 1-Oct-07 1068 1068 1035 1057.8

ICICIBANK EQ 3-Oct-07 1062 1125.4 1050 1086.55

ICICIBANK EQ 4-Oct-07 1079.9 1080 1018 1068

ICICIBANK EQ 5-Oct-07 1069 1079 1025 1036.4

ICICIBANK EQ 8-Oct-07 1040 1047.7 1001 1021.2

ICICIBANK EQ 9-Oct-07 1002.1 1055 975 1045.65

ICICIBANK EQ 10-Oct-07 1053 1078 1053 1070.55

ICICIBANK EQ 11-Oct-07 1036.65 1098.95 1036.65 1091.25

ICICIBANK EQ 12-Oct-07 1063 1082.9 1044 1055

ICICIBANK EQ 15-Oct-07 1060 1103.25 1060 1097.45

ICICIBANK EQ 16-Oct-07 1100 1182.9 1084.05 1159.65

ICICIBANK EQ 17-Oct-07 1060 1152.05 1020 1117.1

ICICIBANK EQ 18-Oct-07 1118 1150 1013 1036.5

ICICIBANK EQ 19-Oct-07 1039.7 1064.4 981.1 1022.8

ICICIBANK EQ 22-Oct-07 1000.1 1086 1000.1 1061.35

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 24-Oct-07 1115 1136 1090.2 1099.9

ICICIBANK EQ 25-Oct-07 1094 1175 1090 1144.65

ICICIBANK EQ 26-Oct-07 1100.25 1200 1100.25 1187.5

ICICIBANK EQ 29-Oct-07 1210.1 1272 1195.5 1240.65

ICICIBANK EQ 30-Oct-07 1251.25 1293.95 1202.65 1240.2

ICICIBANK EQ 31-Oct-07 1241 1271 1213.6 1254.05

ICICIBANK EQ 1-Nov-07 1270 1318 1240 1298.3

ICICIBANK EQ 2-Nov-07 1242.6 1349 1236 1333.4

ICICIBANK EQ 5-Nov-07 1329.85 1330 1250.15 1269.85

ICICIBANK EQ 6-Nov-07 1299.4 1299.4 1217.25 1241.8

ICICIBANK EQ 7-Nov-07 1267.7 1280 1194 1200.8

ICICIBANK EQ 8-Nov-07 1167 1193 1158 1169.05

ICICIBANK EQ 9-Nov-07 1195 1211.35 1126 1144.45

ICICIBANK EQ 12-Nov-07 1100.05 1162 1084 1145.35

ICICIBANK EQ 13-Nov-07 1145 1199.4 1110 1173.7

ICICIBANK EQ 14-Nov-07 1233.35 1303 1206.4 1278.55

ICICIBANK EQ 15-Nov-07 1280 1294.9 1222.65 1241.65

ICICIBANK EQ 16-Nov-07 1210 1244.2 1205 1220.05

ICICIBANK EQ 19-Nov-07 1225 1240 1178 1187.7

ICICIBANK EQ 20-Nov-07 1170.95 1210 1145 1160.45

ICICIBANK EQ 21-Nov-07 1175 1175 1080 1106.45

ICICIBANK EQ 22-Nov-07 1110 1160.5 1085.25 1145.35

ICICIBANK EQ 23-Nov-07 1129.95 1159.8 1110 1139.4

ICICIBANK EQ 26-Nov-07 1164.9 1178 1148.8 1156.8

ICICIBANK EQ 27-Nov-07 1144.85 1144.85 1105 1132.3

ICICIBANK EQ 28-Nov-07 1169.9 1169.9 1116.4 1122.9

ICICIBANK EQ 29-Nov-07 1148 1185 1140 1161.75

ICICIBANK EQ 30-Nov-07 1170 1193.5 1146.65 1178.4

ICICIBANK EQ 3-Dec-07 1180 1188 1156.25 1162

ICICIBANK EQ 4-Dec-07 1165 1165 1133.2 1139.7

ICICIBANK EQ 5-Dec-07 1145 1177 1131 1164.05

ICICIBANK EQ 6-Dec-07 1198.8 1219.7 1180 1200.7

ICICIBANK EQ 7-Dec-07 1213 1250 1202.25 1247.6

ICICIBANK EQ 10-Dec-07 1250.1 1284.8 1237 1271.45

ICICIBANK EQ 11-Dec-07 1271.45 1326.6 1269.9 1314.3

ICICIBANK EQ 12-Dec-07 1275 1312.9 1270 1289.9

ICICIBANK EQ 13-Dec-07 1290 1299.5 1231.1 1242.85

ICICIBANK EQ 14-Dec-07 1210.25 1252.4 1203 1206.95

ICICIBANK EQ 17-Dec-07 1238.8 1238.8 1155 1166.25

ICICIBANK EQ 18-Dec-07 1170 1181.8 1130.25 1137.7

ICICIBANK EQ 19-Dec-07 1169.35 1174.65 1148.15 1163.4

ICICIBANK EQ 20-Dec-07 1175 1180 1145.15 1157.5

ICICIBANK EQ 24-Dec-07 1160 1214 1158 1205.95

ICICIBANK EQ 26-Dec-07 1240 1247.4 1185.25 1218.9

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 28-Dec-07 1231 1242 1204 1226.7

ICICIBANK EQ 31-Dec-07 1238 1249.1 1200 1238.7

ICICIBANK EQ 1-Jan-08 1240 1240 1221.1 1228.75

ICICIBANK EQ 2-Jan-08 1248 1299.7 1205.25 1267.25

ICICIBANK EQ 3-Jan-08 1252.1 1264.9 1225.05 1228.95

ICICIBANK EQ 4-Jan-08 1231.6 1300 1231.6 1286.3

ICICIBANK EQ 7-Jan-08 1280 1379.95 1234 1362.55

ICICIBANK EQ 8-Jan-08 1370 1390 1311.45 1339.95

ICICIBANK EQ 9-Jan-08 1325 1354.85 1279.1 1307.95

ICICIBANK EQ 10-Jan-08 1340 1400 1320 1356.15

ICICIBANK EQ 11-Jan-08 1375 1450 1375 1435

ICICIBANK EQ 14-Jan-08 1450 1455.5 1380.65 1410

ICICIBANK EQ 15-Jan-08 1400 1410 1332.1 1352.2

ICICIBANK EQ 16-Jan-08 1282.2 1379.4 1282.2 1368.3

ICICIBANK EQ 17-Jan-08 1370.2 1386 1276.55 1322.1

ICICIBANK EQ 18-Jan-08 1318 1340 1221.25 1248.85

ICICIBANK EQ 21-Jan-08 1250 1250 1080.2 1173.2

ICICIBANK EQ 22-Jan-08 1100.2 1190 1001.65 1124.95

ICICIBANK EQ 23-Jan-08 1175 1250 1124.95 1151.45

ICICIBANK EQ 24-Jan-08 1198 1246 1095.05 1131.85

ICICIBANK EQ 25-Jan-08 1135 1277 1135 1261.3

ICICIBANK EQ 28-Jan-08 1240 1284.7 1200 1273.95

ICICIBANK EQ 29-Jan-08 1275 1313.85 1183 1220.45

ICICIBANK EQ 30-Jan-08 1230 1230 1166 1187.4

ICICIBANK EQ 31-Jan-08 1190 1212 1131.1 1147

ICICIBANK EQ 1-Feb-08 1157 1212.95 1133.95 1198.15

ICICIBANK EQ 4-Feb-08 1221 1244.9 1192.05 1212.25

ICICIBANK EQ 5-Feb-08 1208 1209.65 1180.35 1191.3

ICICIBANK EQ 6-Feb-08 1118 1173.3 1116.45 1152.05

ICICIBANK EQ 7-Feb-08 1157 1194 1093 1106.1

ICICIBANK EQ 8-Feb-08 1106.1 1124.7 1026 1073.9

ICICIBANK EQ 11-Feb-08 1069.7 1097.8 999 1033.85

ICICIBANK EQ 12-Feb-08 1055 1083.6 1037.1 1067.25

ICICIBANK EQ 13-Feb-08 1071 1111 1058 1101.8

ICICIBANK EQ 14-Feb-08 1115 1174 1115 1161.85

ICICIBANK EQ 15-Feb-08 1150 1199.35 1140.4 1190.9

ICICIBANK EQ 18-Feb-08 1220 1240 1178.6 1209.8

ICICIBANK EQ 19-Feb-08 1210 1242.8 1206.15 1220.2

ICICIBANK EQ 20-Feb-08 1195 1195 1160 1168.3

ICICIBANK EQ 21-Feb-08 1188 1188 1115 1141.3

ICICIBANK EQ 22-Feb-08 1130 1130 1090 1099.8

ICICIBANK EQ 25-Feb-08 1110 1115 1051.1 1107.1

ICICIBANK EQ 26-Feb-08 1123 1133 1107 1117.85

ICICIBANK EQ 27-Feb-08 1190.65 1190.65 1102.3 1116.95

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 29-Feb-08 1100 1112.9 1045.45 1088.5

ICICIBANK EQ 3-Mar-08 1060 1060 1011 1024.6

ICICIBANK EQ 4-Mar-08 1021 1035 930 971.1

ICICIBANK EQ 5-Mar-08 950 988 924 960.15

ICICIBANK EQ 7-Mar-08 944 944 855.25 893.4

ICICIBANK EQ 10-Mar-08 877 911 836.35 871.85

ICICIBANK EQ 11-Mar-08 864.9 887 840.4 856.65

ICICIBANK EQ 12-Mar-08 900 924 875.05 880.3

ICICIBANK EQ 13-Mar-08 859.9 866 817 837.55

ICICIBANK EQ 14-Mar-08 840 885 825.35 876.95

ICICIBANK EQ 17-Mar-08 850 854.75 744 759.95

ICICIBANK EQ 18-Mar-08 768.7 799 720.05 768.2

ICICIBANK EQ 19-Mar-08 899 899 750.25 768.2

ICICIBANK EQ 24-Mar-08 798.4 822.9 757.2 802.2

ICICIBANK EQ 25-Mar-08 839.85 892 817.2 878.85

ICICIBANK EQ 26-Mar-08 893 893 837.1 843.95

ICICIBANK EQ 27-Mar-08 837 850 821.05 834.55

ICICIBANK EQ 28-Mar-08 889.8 889.8 752.55 835.5

ICICIBANK EQ 31-Mar-08 848.85 848.85 765 769.4

ICICIBANK EQ 1-Apr-08 793.9 793.9 732 757.75

ICICIBANK EQ 2-Apr-08 790 815 780 784.55

ICICIBANK EQ 3-Apr-08 794.25 796.75 775.15 786.75

ICICIBANK EQ 4-Apr-08 790.1 797.15 748 764.55

ICICIBANK EQ 7-Apr-08 799.95 815 735.25 811.3

ICICIBANK EQ 8-Apr-08 726.55 828.8 726.55 814

ICICIBANK EQ 9-Apr-08 800 842 800 836.6

ICICIBANK EQ 10-Apr-08 835 835 797.3 800.95

ICICIBANK EQ 11-Apr-08 810 820 785.05 788.05

ICICIBANK EQ 15-Apr-08 761.1 825 752.2 807.75

ICICIBANK EQ 16-Apr-08 819.9 831 807 816.15

ICICIBANK EQ 17-Apr-08 820 851 820 836.75

ICICIBANK EQ 21-Apr-08 841 874.85 825.25 864.25

ICICIBANK EQ 22-Apr-08 865 890 855.1 882.3

ICICIBANK EQ 23-Apr-08 855.4 894.7 845.05 864.75

ICICIBANK EQ 24-Apr-08 889 889 856 878.8

ICICIBANK EQ 25-Apr-08 875 929.8 870 915.65

ICICIBANK EQ 28-Apr-08 931.8 960 890 895.85

ICICIBANK EQ 29-Apr-08 880 925 880 902.5

ICICIBANK EQ 30-Apr-08 918 919.95 872 879.6

ICICIBANK EQ 2-May-08 948.7 948.7 893 937.15

ICICIBANK EQ 5-May-08 950 960.9 925 933.85

ICICIBANK EQ 6-May-08 935 942 918.35 928.8

ICICIBANK EQ 7-May-08 928 928 904.9 919

ICICIBANK EQ 8-May-08 944.4 944.4 883 892.85

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 12-May-08 865 888.7 862 880.55

ICICIBANK EQ 13-May-08 887.7 905 870 888.6

ICICIBANK EQ 14-May-08 893.8 900 862.35 896.45

ICICIBANK EQ 15-May-08 899 934.4 896 928.35

ICICIBANK EQ 16-May-08 940 945 925 942.85

ICICIBANK EQ 20-May-08 957 971 918.05 927.2

ICICIBANK EQ 21-May-08 910 920 897.2 911.55

ICICIBANK EQ 22-May-08 895 900 876 880.55

ICICIBANK EQ 23-May-08 876 886.8 857.35 862.05

ICICIBANK EQ 26-May-08 835.25 863 811.75 820.3

ICICIBANK EQ 27-May-08 834.7 834.7 802.1 810.35

ICICIBANK EQ 28-May-08 838.8 838.8 797.1 820.45

ICICIBANK EQ 29-May-08 830 835 784.4 796.25

ICICIBANK EQ 30-May-08 795.25 805 778.2 788.6

ICICIBANK EQ 2-Jun-08 830 830 761 765.05

ICICIBANK EQ 3-Jun-08 726.4 769 726.4 760.55

ICICIBANK EQ 4-Jun-08 740.4 788 740.4 757.55

ICICIBANK EQ 5-Jun-08 757.55 787.6 745 778.2

ICICIBANK EQ 6-Jun-08 797.8 800 761.3 769.4

ICICIBANK EQ 9-Jun-08 740 762.85 732.65 750.3

ICICIBANK EQ 10-Jun-08 746 750 711.65 730.95

ICICIBANK EQ 11-Jun-08 738 754.45 731.1 741.2

ICICIBANK EQ 12-Jun-08 745.65 751 702.05 743.25

ICICIBANK EQ 13-Jun-08 749.75 772 747 765.3

ICICIBANK EQ 16-Jun-08 780 803.6 775 797.45

ICICIBANK EQ 17-Jun-08 797.45 824.45 785 820.65

ICICIBANK EQ 18-Jun-08 835 835 772.15 786.95

ICICIBANK EQ 19-Jun-08 780 780 747.25 753.6

ICICIBANK EQ 20-Jun-08 732.15 759.8 718 732.95

ICICIBANK EQ 23-Jun-08 734.7 736.5 709.95 720.7

ICICIBANK EQ 24-Jun-08 710.25 737.9 696.05 703.15

ICICIBANK EQ 25-Jun-08 683 708.8 675.1 698.2

ICICIBANK EQ 26-Jun-08 704 714.8 682.5 697.55

ICICIBANK EQ 27-Jun-08 684 684 642.55 652.15

ICICIBANK EQ 30-Jun-08 664.8 664.8 611.35 630.2

ICICIBANK EQ 1-Jul-08 630 642 580 589.1

ICICIBANK EQ 2-Jul-08 589 628.8 554 621.05

ICICIBANK EQ 3-Jul-08 610 615 557.5 571.9

ICICIBANK EQ 4-Jul-08 561.85 614.9 560.8 603.6

ICICIBANK EQ 7-Jul-08 645 645 596.25 605.15

ICICIBANK EQ 8-Jul-08 570.15 604 570.15 594.35

ICICIBANK EQ 9-Jul-08 634.4 644.9 610 621.7

ICICIBANK EQ 10-Jul-08 600.25 622.75 593 616.9

ICICIBANK EQ 11-Jul-08 620 622 586.1 591.6

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 15-Jul-08 569.9 569.9 525 529.15

ICICIBANK EQ 16-Jul-08 530.15 542.5 514 519.75

ICICIBANK EQ 17-Jul-08 554.85 560.9 535.15 551.85

ICICIBANK EQ 18-Jul-08 568 624 560 617.45

ICICIBANK EQ 21-Jul-08 644.4 650 624.15 642.95

ICICIBANK EQ 22-Jul-08 640.9 677.25 630.3 661.7

ICICIBANK EQ 23-Jul-08 700 748 692.25 738.7

ICICIBANK EQ 24-Jul-08 750.25 764.9 701 730.2

ICICIBANK EQ 25-Jul-08 700 705 648.2 656.75

ICICIBANK EQ 28-Jul-08 636.55 669 623.95 663.4

ICICIBANK EQ 29-Jul-08 647.7 647.7 603.25 607.7

ICICIBANK EQ 30-Jul-08 622 648 617.1 636.1

ICICIBANK EQ 31-Jul-08 638 664.1 621.15 637.3

ICICIBANK EQ 1-Aug-08 615 650 610 642.4

ICICIBANK EQ 4-Aug-08 635 659.5 630 640.45

ICICIBANK EQ 5-Aug-08 643.35 704.7 626 694.1

ICICIBANK EQ 6-Aug-08 727.65 747.5 698.6 706.65

ICICIBANK EQ 7-Aug-08 705 722 693.3 707.95

ICICIBANK EQ 8-Aug-08 693.6 744.5 683 731.6

ICICIBANK EQ 11-Aug-08 784 784 745 771.15

ICICIBANK EQ 12-Aug-08 789 789 728.1 740.65

ICICIBANK EQ 13-Aug-08 716.6 728.4 704.2 710.7

ICICIBANK EQ 14-Aug-08 705 709.45 667.2 673.45

ICICIBANK EQ 18-Aug-08 675 689.7 660.75 665

ICICIBANK EQ 19-Aug-08 650.25 683.4 650.1 677.7

ICICIBANK EQ 20-Aug-08 662.4 690 662.4 678.8

ICICIBANK EQ 21-Aug-08 681.25 681.25 641 643.7

ICICIBANK EQ 22-Aug-08 646 651.8 633 644.55

ICICIBANK EQ 25-Aug-08 665.5 679 653.55 657.15

ICICIBANK EQ 26-Aug-08 635.05 671.4 616.65 666.55

ICICIBANK EQ 27-Aug-08 684.6 684.6 647.3 649.95

ICICIBANK EQ 28-Aug-08 653.05 659.9 627.95 632.55

ICICIBANK EQ 29-Aug-08 644.5 682.5 642.65 671.9

ICICIBANK EQ 1-Sep-08 657 670 642.9 665

ICICIBANK EQ 2-Sep-08 666.05 726 666.05 714.05

ICICIBANK EQ 4-Sep-08 714.05 730 694.15 716.65

ICICIBANK EQ 5-Sep-08 700 704.5 680 686.75

ICICIBANK EQ 8-Sep-08 721.05 750 715 720.45

ICICIBANK EQ 9-Sep-08 705 717.9 700 712.1

ICICIBANK EQ 10-Sep-08 691 704 686.35 701

ICICIBANK EQ 11-Sep-08 704 704 671.55 686.6

ICICIBANK EQ 12-Sep-08 693.65 700 648.25 652.8

ICICIBANK EQ 15-Sep-08 636 636 595.35 627.5

ICICIBANK EQ 16-Sep-08 591.1 609 564.3 591.65

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 18-Sep-08 534.75 582 513.1 577.15

ICICIBANK EQ 19-Sep-08 610.1 635 583 627.5

ICICIBANK EQ 22-Sep-08 636.8 643.7 616.5 635.75

ICICIBANK EQ 23-Sep-08 615.9 626.5 594.55 599.15

ICICIBANK EQ 24-Sep-08 599 621.8 591.55 600.1

ICICIBANK EQ 25-Sep-08 605 609.8 572.1 596.2

ICICIBANK EQ 26-Sep-08 590 599.8 554.1 560.4

ICICIBANK EQ 29-Sep-08 561.25 565 483 493.3

ICICIBANK EQ 30-Sep-08 485.9 555.55 460.05 535.55

ICICIBANK EQ 1-Oct-08 526.1 564.9 521.15 550.9

ICICIBANK EQ 3-Oct-08 548 555 498.1 504.35

ICICIBANK EQ 6-Oct-08 490 499.95 475 490.05

ICICIBANK EQ 7-Oct-08 501.2 521.4 463 485.05

ICICIBANK EQ 8-Oct-08 480 480 418.7 453.75

ICICIBANK EQ 10-Oct-08 420 430 327 363.65

ICICIBANK EQ 13-Oct-08 390 454.45 380 425.15

ICICIBANK EQ 14-Oct-08 499.8 499.8 438 449.55

ICICIBANK EQ 15-Oct-08 437.7 437.7 405.3 414.15

ICICIBANK EQ 16-Oct-08 399.4 431 375 416.15

ICICIBANK EQ 17-Oct-08 421 428.8 376.1 391.25

ICICIBANK EQ 20-Oct-08 396.3 421.7 396.3 411.35

ICICIBANK EQ 21-Oct-08 468.45 468.45 415.05 431.05

ICICIBANK EQ 22-Oct-08 424.4 431.5 395.1 396.7

ICICIBANK EQ 23-Oct-08 386.4 415.2 360 365.8

ICICIBANK EQ 24-Oct-08 350.5 372.6 303.5 308.5

ICICIBANK EQ 27-Oct-08 301.25 324.8 283.1 316.1

ICICIBANK EQ 28-Oct-08 327.15 350 327.15 335.5

ICICIBANK EQ 29-Oct-08 345 355.9 334.1 345.35

ICICIBANK EQ 31-Oct-08 370.55 412.9 363 398.75

ICICIBANK EQ 3-Nov-08 415 442 415 430.7

ICICIBANK EQ 4-Nov-08 432 470 418 457.8

ICICIBANK EQ 5-Nov-08 487.7 492.1 441.1 450.85

ICICIBANK EQ 6-Nov-08 433 457.8 416.7 433.4

ICICIBANK EQ 7-Nov-08 429.9 442 406 432.3

ICICIBANK EQ 10-Nov-08 440 475.75 439 471.85

ICICIBANK EQ 11-Nov-08 464.95 467.15 428.5 434.35

ICICIBANK EQ 12-Nov-08 425 428 392.2 397.3

ICICIBANK EQ 14-Nov-08 401.4 419.7 385.1 395.9

ICICIBANK EQ 17-Nov-08 395 400 360.65 386.45

ICICIBANK EQ 18-Nov-08 370 380 355 360.2

ICICIBANK EQ 19-Nov-08 364.4 375 342.5 348.25

ICICIBANK EQ 20-Nov-08 338.6 338.6 309.05 319.5

ICICIBANK EQ 21-Nov-08 317.4 349.7 306.1 334.05

ICICIBANK EQ 24-Nov-08 340 342.8 315.25 322.55

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 26-Nov-08 325 354.8 325 350.85

ICICIBANK EQ 28-Nov-08 340 355 316.35 351.65

ICICIBANK EQ 1-Dec-08 358 364.8 322 325.55

ICICIBANK EQ 2-Dec-08 313 328 308.25 323.4

ICICIBANK EQ 3-Dec-08 340 342 322 334.8

ICICIBANK EQ 4-Dec-08 335 366.2 333.6 364

ICICIBANK EQ 5-Dec-08 366 391 351.55 358.4

ICICIBANK EQ 8-Dec-08 380 387.8 365.1 370

ICICIBANK EQ 10-Dec-08 375.5 404.7 375 400.05

ICICIBANK EQ 11-Dec-08 404 419 393.1 406.1

ICICIBANK EQ 12-Dec-08 393 415.95 383.25 411

ICICIBANK EQ 15-Dec-08 425 434 412.2 418.7

ICICIBANK EQ 16-Dec-08 416.55 427.95 412.8 421

ICICIBANK EQ 17-Dec-08 429 447 427.95 431.8

ICICIBANK EQ 18-Dec-08 430 481.5 424.25 472

ICICIBANK EQ 19-Dec-08 462.2 477.4 455.75 472.8

ICICIBANK EQ 22-Dec-08 472 472.75 442.3 445.7

ICICIBANK EQ 23-Dec-08 443 445.9 418.2 426.85

ICICIBANK EQ 24-Dec-08 425 446.4 417 440.95

ICICIBANK EQ 26-Dec-08 435.25 453.35 413.35 417.35

ICICIBANK EQ 29-Dec-08 421 448.7 404.2 445

ICICIBANK EQ 30-Dec-08 450 464.85 442.35 458.6

ICICIBANK EQ 31-Dec-08 472.8 472.8 444 448.1

ICICIBANK EQ 1-Jan-09 450 466.95 450 464.15

ICICIBANK EQ 2-Jan-09 465 479.8 462.25 471.25

ICICIBANK EQ 5-Jan-09 475.5 504 474.15 499.9

ICICIBANK EQ 6-Jan-09 480 530.7 480 523.45

ICICIBANK EQ 7-Jan-09 528 538.6 454.05 467.85

ICICIBANK EQ 9-Jan-09 458.7 483 441 456.6

ICICIBANK EQ 12-Jan-09 440 463.3 428.2 438

ICICIBANK EQ 13-Jan-09 435 448.4 418.05 425.45

ICICIBANK EQ 14-Jan-09 428.65 451 428.65 441.1

ICICIBANK EQ 15-Jan-09 429 429 398.3 408.65

ICICIBANK EQ 16-Jan-09 415 427.7 408.65 423.75

ICICIBANK EQ 19-Jan-09 425 444.4 408.5 412.6

ICICIBANK EQ 20-Jan-09 403 407.8 390.25 396.3

ICICIBANK EQ 21-Jan-09 389.7 389.7 360 369.35

ICICIBANK EQ 22-Jan-09 381.95 385.9 358.75 378.05

ICICIBANK EQ 23-Jan-09 331.55 391 331.55 363.85

ICICIBANK EQ 27-Jan-09 372.95 389 359.1 381.1

ICICIBANK EQ 28-Jan-09 386.95 412.5 382.45 408.05

ICICIBANK EQ 29-Jan-09 430 433.7 402.6 410.1

ICICIBANK EQ 30-Jan-09 402 418.9 395 416.25

ICICIBANK EQ 2-Feb-09 402.55 412.1 383 385.1

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 4-Feb-09 395 405.25 386.3 389.7

ICICIBANK EQ 5-Feb-09 390.1 396.55 385.05 390.55

ICICIBANK EQ 6-Feb-09 399 408.85 396 407.1

ICICIBANK EQ 9-Feb-09 406.35 429.8 406.35 428.35

ICICIBANK EQ 10-Feb-09 428 442 420.2 428.7

ICICIBANK EQ 11-Feb-09 420.1 437.9 400.6 435.2

ICICIBANK EQ 12-Feb-09 433.7 434.4 416.7 421.4

ICICIBANK EQ 13-Feb-09 423.05 438.4 423.05 434.4

ICICIBANK EQ 16-Feb-09 433.5 439.9 405.95 409

ICICIBANK EQ 17-Feb-09 438.8 438.8 380.2 385.7

ICICIBANK EQ 18-Feb-09 383 384.8 365 369.5

ICICIBANK EQ 19-Feb-09 367 379.7 359.25 361.5

ICICIBANK EQ 20-Feb-09 356 358.65 331 335.85

ICICIBANK EQ 24-Feb-09 325 341.9 318.4 335.95

ICICIBANK EQ 25-Feb-09 341 349.9 338.4 340.6

ICICIBANK EQ 26-Feb-09 332.3 343.4 318.6 324.85

ICICIBANK EQ 27-Feb-09 324 334 311.05 327.55

ICICIBANK EQ 2-Mar-09 324.7 324.7 300 304.4

ICICIBANK EQ 3-Mar-09 295 313.2 293.3 295.6

ICICIBANK EQ 4-Mar-09 298 302.8 280.1 284.9

ICICIBANK EQ 5-Mar-09 287 294.75 266.1 270.05

ICICIBANK EQ 6-Mar-09 263.7 284.9 252.3 269.15

ICICIBANK EQ 9-Mar-09 268.85 272.4 258 262.95

ICICIBANK EQ 12-Mar-09 274.4 288.4 270.25 284.15

ICICIBANK EQ 13-Mar-09 296 312.75 292 308.65

ICICIBANK EQ 16-Mar-09 311.45 325 307.05 322.8

ICICIBANK EQ 17-Mar-09 324.5 337.3 314.05 323.4

ICICIBANK EQ 18-Mar-09 328.95 342 327 334.65

ICICIBANK EQ 19-Mar-09 335.35 346.5 326.25 337.9

ICICIBANK EQ 20-Mar-09 332.2 336.5 321.05 323.05

ICICIBANK EQ 23-Mar-09 329 349.9 326.4 346.8

ICICIBANK EQ 24-Mar-09 353.9 373.8 351.25 355.45

ICICIBANK EQ 25-Mar-09 360 369.9 349.15 365.55

ICICIBANK EQ 26-Mar-09 374 377 364.7 375.05

ICICIBANK EQ 27-Mar-09 377.1 387.8 374.35 385.2

ICICIBANK EQ 30-Mar-09 376.9 377 334.6 338.1

ICICIBANK EQ 31-Mar-09 340.5 346.3 314.3 332.8

ICICIBANK EQ 1-Apr-09 349.7 353.9 323.65 349.35

ICICIBANK EQ 2-Apr-09 360 378.7 356.25 360.7

ICICIBANK EQ 6-Apr-09 373 380.7 362.85 374.8

ICICIBANK EQ 8-Apr-09 360.45 379.6 346.65 376.4

ICICIBANK EQ 9-Apr-09 384 402 371.2 397.8

ICICIBANK EQ 13-Apr-09 405 421.5 405 416.6

ICICIBANK EQ 15-Apr-09 410 457 371.55 442.9

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 17-Apr-09 435 457 432 440.85

ICICIBANK EQ 20-Apr-09 439.25 456 423.55 426.65

ICICIBANK EQ 21-Apr-09 411.55 416.35 391.3 398.75

ICICIBANK EQ 22-Apr-09 399 413 390.6 400.05

ICICIBANK EQ 23-Apr-09 398 431.6 395.1 424.4

ICICIBANK EQ 24-Apr-09 420 439.4 415.1 434.1

ICICIBANK EQ 27-Apr-09 425 477.95 411.1 467.55

ICICIBANK EQ 28-Apr-09 468 470 433.05 439.2

ICICIBANK EQ 29-Apr-09 444 484.5 444 479.2

ICICIBANK EQ 4-May-09 490.1 533.8 490 529.9

ICICIBANK EQ 5-May-09 530 574 530 569.1

ICICIBANK EQ 6-May-09 570 575 532.5 539.6

ICICIBANK EQ 7-May-09 545 557.35 538.2 549.3

ICICIBANK EQ 8-May-09 550 550.9 515.15 520.75

ICICIBANK EQ 11-May-09 532.25 547.75 513 523.35

ICICIBANK EQ 12-May-09 519 563.55 517.1 558.1

ICICIBANK EQ 13-May-09 568 574.7 541.6 551.15

ICICIBANK EQ 14-May-09 540 540 519 536.25

ICICIBANK EQ 15-May-09 545.8 579 542 574.7

ICICIBANK EQ 18-May-09 679.8 740 661 707.1

ICICIBANK EQ 19-May-09 732 800 679 756.15

ICICIBANK EQ 20-May-09 746 746 696.6 708.9

ICICIBANK EQ 21-May-09 697 709.65 667.3 673.05

ICICIBANK EQ 22-May-09 665 713.6 651 702.65

ICICIBANK EQ 25-May-09 709.7 717.5 695.65 704.65

ICICIBANK EQ 26-May-09 704.95 710 658.2 666

ICICIBANK EQ 27-May-09 680.95 714.4 680.95 710.25

ICICIBANK EQ 28-May-09 714.9 739.9 700.2 730.3

ICICIBANK EQ 29-May-09 733.9 754.9 731 740.15

ICICIBANK EQ 1-Jun-09 758.7 760.7 708.65 722.55

ICICIBANK EQ 2-Jun-09 730 749.95 703.8 732.3

ICICIBANK EQ 3-Jun-09 745 747.65 708.5 719.45

ICICIBANK EQ 4-Jun-09 714.1 738.7 693.5 733.5

ICICIBANK EQ 5-Jun-09 740.5 764.45 740.5 754.75

ICICIBANK EQ 8-Jun-09 774 774 718.1 724.65

ICICIBANK EQ 9-Jun-09 720 748.75 705.2 737.85

ICICIBANK EQ 10-Jun-09 747 761.8 736 747.7

ICICIBANK EQ 11-Jun-09 749.65 759.9 732.7 750.3

ICICIBANK EQ 12-Jun-09 770 779.6 738 742.45

ICICIBANK EQ 15-Jun-09 730 752 722.5 734.75

ICICIBANK EQ 16-Jun-09 712.4 739.5 712.4 734.4

ICICIBANK EQ 17-Jun-09 730 749.5 715 722.45

ICICIBANK EQ 18-Jun-09 710.6 734.4 693.35 703.25

ICICIBANK EQ 19-Jun-09 701.65 724 682 714.05

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 23-Jun-09 703 714 682.5 697.2

ICICIBANK EQ 24-Jun-09 702 704.8 675.05 689.4

ICICIBANK BL 25-Jun-09 701 701 701 701

ICICIBANK EQ 25-Jun-09 694.7 714.6 691.5 700

ICICIBANK EQ 26-Jun-09 711.8 760 707.5 756.15

ICICIBANK EQ 29-Jun-09 764.7 772.7 740.75 748.7

ICICIBANK EQ 30-Jun-09 750 753.9 715.5 722.2

ICICIBANK EQ 1-Jul-09 720 738.9 703.3 729.85

ICICIBANK EQ 2-Jul-09 736.9 744.85 719 733.5

ICICIBANK EQ 3-Jul-09 720.5 760 716.25 754.95

ICICIBANK EQ 6-Jul-09 760 777 665 679.7

ICICIBANK EQ 7-Jul-09 690 713 685 694.85

ICICIBANK EQ 8-Jul-09 688 688.8 642.25 653.1

ICICIBANK EQ 9-Jul-09 670 670 620.1 635.4

ICICIBANK EQ 10-Jul-09 636 657.4 619.4 628.85

ICICIBANK EQ 13-Jul-09 620 644 606.15 632.95

ICICIBANK EQ 14-Jul-09 645.15 685 645.15 679.5

ICICIBANK EQ 15-Jul-09 690 707.9 669.1 696.4

ICICIBANK EQ 16-Jul-09 711.1 719.9 688.2 693.85

ICICIBANK EQ 17-Jul-09 701.1 748.5 701.1 742.85

ICICIBANK EQ 20-Jul-09 754 794.5 739.05 784.75

ICICIBANK EQ 21-Jul-09 794.9 795 767.2 772.7

ICICIBANK EQ 22-Jul-09 772 807.7 752.3 759.55

ICICIBANK EQ 23-Jul-09 770.55 788.95 758.5 775.75

ICICIBANK EQ 24-Jul-09 782.8 794.7 760 767.55

ICICIBANK EQ 27-Jul-09 772.65 782 746.5 757.9

ICICIBANK EQ 28-Jul-09 759.7 760 732 740.35

ICICIBANK EQ 29-Jul-09 740 744.7 717.55 732.75

ICICIBANK EQ 30-Jul-09 727.1 763.7 722 757.2

ICICIBANK EQ 31-Jul-09 774 776.9 751 758.5

ICICIBANK EQ 3-Aug-09 763.95 775.05 748.2 773.75

ICICIBANK EQ 4-Aug-09 772 785.5 753.5 763.55

ICICIBANK EQ 5-Aug-09 769.95 778 758 773.4

ICICIBANK EQ 6-Aug-09 770 803.9 755 766.15

ICICIBANK EQ 7-Aug-09 763 764.8 733 738.1

ICICIBANK EQ 10-Aug-09 745.65 758.45 713 718.7

ICICIBANK EQ 11-Aug-09 734.45 734.45 702.65 717.1

ICICIBANK EQ 12-Aug-09 710 714 690.2 710.15

ICICIBANK EQ 13-Aug-09 724 759.9 724 757.2

ICICIBANK EQ 14-Aug-09 765 765 738.15 744.85

ICICIBANK EQ 17-Aug-09 733.7 736 702.1 704.95

ICICIBANK EQ 18-Aug-09 710.15 728 697.35 720.05

ICICIBANK EQ 19-Aug-09 723 725 700.4 716.55

ICICIBANK EQ 20-Aug-09 724.9 734.8 714.15 719.55

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 24-Aug-09 750 773.9 750 767.95

ICICIBANK EQ 25-Aug-09 761.15 767 750.35 759.2

ICICIBANK EQ 26-Aug-09 760 768.4 752.5 761.9

ICICIBANK EQ 27-Aug-09 755 760 746.85 750.55

ICICIBANK EQ 28-Aug-09 749.85 770.75 749.85 763.6

ICICIBANK EQ 31-Aug-09 754.5 762.9 743 751.15

ICICIBANK EQ 1-Sep-09 752.2 775.6 740 744.8

ICICIBANK EQ 2-Sep-09 735 745 723 736.1

ICICIBANK EQ 3-Sep-09 741 751.9 730.1 735.95

ICICIBANK EQ 4-Sep-09 739 752.5 731 743.9

ICICIBANK EQ 7-Sep-09 748.8 796.9 748.6 788.85

ICICIBANK EQ 8-Sep-09 795 806.5 781.7 789.95

ICICIBANK EQ 9-Sep-09 787 799 783.6 792.9

ICICIBANK EQ 10-Sep-09 805 828.4 803.5 816.6

ICICIBANK EQ 11-Sep-09 830 844.65 818.25 835.15

ICICIBANK EQ 14-Sep-09 820 834.95 818.1 824.6

ICICIBANK EQ 15-Sep-09 830 847 829 844.4

ICICIBANK EQ 16-Sep-09 850.05 869.95 850.05 864.5

ICICIBANK EQ 17-Sep-09 878.85 884.1 863.15 872.3

ICICIBANK EQ 18-Sep-09 870 870 838.45 841.2

ICICIBANK EQ 22-Sep-09 842 858.45 837 852.5

ICICIBANK EQ 23-Sep-09 855 860.9 840.05 845.2

ICICIBANK EQ 24-Sep-09 835 927.6 830.35 860.45

ICICIBANK EQ 25-Sep-09 850 854.5 836.1 839

ICICIBANK EQ 29-Sep-09 893.7 893.7 850 866.35

ICICIBANK EQ 30-Sep-09 860.2 909.95 860.2 907.6

ICICIBANK EQ 1-Oct-09 818 933.9 818 926.6

ICICIBANK EQ 5-Oct-09 900 920.9 896.9 912.4

ICICIBANK EQ 6-Oct-09 917.15 944.7 893.1 938.2

ICICIBANK EQ 7-Oct-09 945 954.1 913.9 918.4

ICICIBANK EQ 8-Oct-09 922.65 934.9 912.9 922.95

ICICIBANK EQ 9-Oct-09 924 924.65 895.2 901.8

ICICIBANK EQ 12-Oct-09 894.5 925 891.3 920.2

ICICIBANK EQ 14-Oct-09 924.65 933.9 916.85 921

ICICIBANK EQ 15-Oct-09 927.45 942.75 914.2 935.95

ICICIBANK EQ 16-Oct-09 926.15 969.8 926.15 959.1

ICICIBANK EQ 17-Oct-09 980 980 941.6 948.15

ICICIBANK EQ 20-Oct-09 948.75 966 940.05 944.45

ICICIBANK EQ 21-Oct-09 937 941.3 922.25 929.1

ICICIBANK EQ 22-Oct-09 918 921 886 891.4

ICICIBANK EQ 23-Oct-09 904 911.85 895.1 903.7

ICICIBANK EQ 26-Oct-09 909 920 887.05 890.85

ICICIBANK EQ 27-Oct-09 885 899.45 826.15 834.45

ICICIBANK EQ 28-Oct-09 827 830 787 809.45

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 30-Oct-09 785 810.3 763.9 790.8

ICICIBANK EQ 3-Nov-09 786.3 823.7 774.05 786.3

ICICIBANK EQ 4-Nov-09 796 831.8 794.9 827.75

ICICIBANK EQ 5-Nov-09 832 847.95 808.45 844.65

ICICIBANK EQ 6-Nov-09 856.95 862.7 840.5 848.55

ICICIBANK EQ 9-Nov-09 849 892.5 844.6 888.5

ICICIBANK EQ 10-Nov-09 899.9 908.8 890.25 896.55

ICICIBANK EQ 11-Nov-09 897 929 886 924.5

ICICIBANK EQ 12-Nov-09 927 928.5 883 892.6

ICICIBANK EQ 13-Nov-09 899.2 914.9 891.5 908.95

ICICIBANK EQ 16-Nov-09 911.1 932 911.1 919.3

ICICIBANK EQ 17-Nov-09 922 924.9 900.05 920.55

ICICIBANK EQ 18-Nov-09 915 918 901 905.5

ICICIBANK EQ 19-Nov-09 904.35 904.9 878 886.45

ICICIBANK EQ 20-Nov-09 880 901 858 897

ICICIBANK EQ 23-Nov-09 900 923.75 895.2 917.25

ICICIBANK EQ 24-Nov-09 915.15 916 896.25 909.35

ICICIBANK EQ 25-Nov-09 904.1 909 887.2 901.85

ICICIBANK EQ 26-Nov-09 896.5 896.8 860 865.5

ICICIBANK EQ 27-Nov-09 850 856.9 811 850.9

ICICIBANK EQ 30-Nov-09 900 900 860 867.85

ICICIBANK EQ 1-Dec-09 876 889.9 865.05 887.2

ICICIBANK EQ 2-Dec-09 894.85 917.45 888 893.55

ICICIBANK EQ 3-Dec-09 892 904.95 877.2 884.25

ICICIBANK EQ 4-Dec-09 875 881.35 865 871.45

ICICIBANK EQ 7-Dec-09 874 881.3 856.1 860.7

ICICIBANK EQ 8-Dec-09 860 877.75 851.6 872.45

ICICIBANK EQ 9-Dec-09 866.7 871.8 853 855.3

ICICIBANK EQ 10-Dec-09 855.3 878 844.3 875.95

ICICIBANK EQ 11-Dec-09 887.7 887.7 853.35 864.5

ICICIBANK EQ 14-Dec-09 858.5 868.65 847.5 850.7

ICICIBANK EQ 15-Dec-09 844.4 856.9 824 825.65

ICICIBANK EQ 16-Dec-09 817 835.7 814.35 822.6

ICICIBANK EQ 17-Dec-09 821 831.9 813 825.8

ICICIBANK EQ 18-Dec-09 816.9 824.4 804.1 809.35

ICICIBANK EQ 21-Dec-09 809 818.9 800.5 810.9

ICICIBANK EQ 22-Dec-09 817.9 829 816 825.7

ICICIBANK EQ 23-Dec-09 830 865 828 862.6

ICICIBANK EQ 24-Dec-09 865 871.9 855 864.9

ICICIBANK EQ 29-Dec-09 864.9 884 864.9 880.2

ICICIBANK EQ 30-Dec-09 880 888.65 872.8 879.8

ICICIBANK EQ 31-Dec-09 884.9 889.7 868.3 877

ICICIBANK EQ 4-Jan-10 877 885 875 879.7

ICICIBANK EQ 5-Jan-10 888 899.75 881.5 888.05

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 7-Jan-10 896.75 896.75 876.5 886.4

ICICIBANK EQ 8-Jan-10 889.1 890 871 873.95

ICICIBANK EQ 11-Jan-10 878 881.8 865.95 869.4

ICICIBANK EQ 12-Jan-10 869.4 872 840 842.75

ICICIBANK EQ 13-Jan-10 821.65 844.2 821.65 840.65

ICICIBANK EQ 14-Jan-10 847 861 831.2 835.3

ICICIBANK EQ 15-Jan-10 840.25 848.6 830.45 842.45

ICICIBANK EQ 18-Jan-10 834 868.8 830.3 863.35

ICICIBANK EQ 19-Jan-10 864 876 859 865.5

ICICIBANK EQ 20-Jan-10 869.8 884.6 868.95 877.95

ICICIBANK EQ 21-Jan-10 869.85 873 842.3 852.7

ICICIBANK EQ 22-Jan-10 829 847 820.85 840.7

ICICIBANK EQ 25-Jan-10 831.6 839.15 825.25 830.8

ICICIBANK EQ 27-Jan-10 820 827.4 780 787.3

ICICIBANK EQ 28-Jan-10 800 807.8 779.25 788.05

ICICIBANK EQ 29-Jan-10 775 839 775 830.35

ICICIBANK EQ 1-Feb-10 820.1 848.4 815 835.8

ICICIBANK EQ 2-Feb-10 841 842.45 815.8 819

ICICIBANK EQ 3-Feb-10 825.1 845 823.25 839.45

ICICIBANK EQ 4-Feb-10 834.8 849 825.5 828.8

ICICIBANK EQ 5-Feb-10 809.8 809.8 790 798.15

ICICIBANK EQ 6-Feb-10 800.5 805 792.5 801.3

ICICIBANK EQ 8-Feb-10 850 850 786 805.35

ICICIBANK EQ 9-Feb-10 806 818 791.4 812.4

ICICIBANK EQ 10-Feb-10 818 821.55 796.85 799.8

ICICIBANK EQ 11-Feb-10 790.1 829.8 790.1 826.05

ICICIBANK EQ 15-Feb-10 832 832 812.5 817.35

ICICIBANK EQ 16-Feb-10 817 837.8 817 832.45

ICICIBANK EQ 17-Feb-10 840 847.7 830.6 840.95

ICICIBANK EQ 18-Feb-10 840 853 834.35 840.05

ICICIBANK EQ 19-Feb-10 832 837 817.1 833.55

ICICIBANK EQ 22-Feb-10 845.15 850 828.75 831.6

ICICIBANK EQ 23-Feb-10 829.9 852 825.6 847.75

ICICIBANK EQ 24-Feb-10 840.1 845.9 833 841.15

ICICIBANK EQ 25-Feb-10 841.25 857.8 832.7 851.6

ICICIBANK EQ 26-Feb-10 845.3 887 842 872.15

ICICIBANK EQ 2-Mar-10 885.1 903 885.1 897.15

ICICIBANK EQ 3-Mar-10 899.9 912.5 895.35 908.35

ICICIBANK EQ 4-Mar-10 906 914.55 889.2 898.4

ICICIBANK EQ 5-Mar-10 898.1 909 891.65 901.75

ICICIBANK EQ 8-Mar-10 910 926.8 910 923.75

ICICIBANK EQ 9-Mar-10 922 934.6 909.05 925.15

ICICIBANK EQ 10-Mar-10 925 929.5 908.4 917.8

ICICIBANK EQ 11-Mar-10 915 936.7 913.1 930.85

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 15-Mar-10 930 935 856 923.75

ICICIBANK EQ 16-Mar-10 921 934.9 912.2 930.5

ICICIBANK EQ 17-Mar-10 935 953.6 932 948.55

ICICIBANK EQ 18-Mar-10 950.05 969.5 949 963.65

ICICIBANK EQ 19-Mar-10 963 968.9 948.45 956.55

ICICIBANK EQ 22-Mar-10 949 949 921 935.25

ICICIBANK EQ 23-Mar-10 939 946 922 925.5

ICICIBANK EQ 25-Mar-10 920 940 912.6 933.85

ICICIBANK EQ 26-Mar-10 939 951.9 935.25 947.5

ICICIBANK EQ 29-Mar-10 945 959 939.5 952.6

ICICIBANK EQ 30-Mar-10 956.1 968.4 954.85 959.8

ICICIBANK EQ 31-Mar-10 964.8 970.8 948.7 952.5

ICICIBANK EQ 1-Apr-10 957 961.9 944.3 952.65

ICICIBANK EQ 5-Apr-10 955 990.7 955 985.35

ICICIBANK EQ 6-Apr-10 991.9 1009.7 985.35 997.8

ICICIBANK EQ 7-Apr-10 1002.7 1009 980.1 987.35

ICICIBANK EQ 8-Apr-10 982.2 988 957.7 961.1

ICICIBANK EQ 9-Apr-10 962.3 981.95 962 978.3

ICICIBANK EQ 12-Apr-10 980 984.9 961.25 964.65

ICICIBANK EQ 13-Apr-10 964.65 966.5 940.35 942.2

ICICIBANK EQ 15-Apr-10 947.8 957.9 915.3 918

ICICIBANK EQ 16-Apr-10 917 936.9 915.3 922.45

ICICIBANK EQ 19-Apr-10 913.8 926.55 902.55 919.8

ICICIBANK EQ 20-Apr-10 922 945 920 933

ICICIBANK EQ 21-Apr-10 939.95 954.5 939 951.9

ICICIBANK EQ 22-Apr-10 945.5 964.65 935.15 943.85

ICICIBANK EQ 23-Apr-10 949 979.8 945 977.7

ICICIBANK EQ 26-Apr-10 980.1 998.15 958.4 960.15

ICICIBANK EQ 27-Apr-10 958 960 935.15 946.95

ICICIBANK EQ 28-Apr-10 931.3 940.95 913.4 919.45

ICICIBANK EQ 29-Apr-10 923 951 923 947.05

ICICIBANK EQ 30-Apr-10 952.9 964.4 947.15 951.95

ICICIBANK EQ 3-May-10 946.1 957.95 933 936.9

ICICIBANK EQ 4-May-10 941.9 946.6 909 915.2

ICICIBANK EQ 5-May-10 910 910 887.25 903.65

ICICIBANK EQ 6-May-10 898.45 912.55 891 902.85

ICICIBANK EQ 7-May-10 884.9 892 869 876.6

ICICIBANK EQ 10-May-10 889.9 928 888.6 922.1

ICICIBANK EQ 11-May-10 922 934 908 916.6

ICICIBANK EQ 12-May-10 922 923.4 906.1 914.75

ICICIBANK EQ 13-May-10 922 934 921.05 927

ICICIBANK EQ 14-May-10 925.05 925.05 905 911.05

ICICIBANK EQ 17-May-10 898 904.9 883.05 901.1

ICICIBANK EQ 18-May-10 902.25 902.25 882.5 889.2

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 20-May-10 831 847 815.5 831.65

ICICIBANK EQ 21-May-10 812.95 839.05 807.3 834.8

ICICIBANK EQ 24-May-10 839.5 949.6 825 832.1

ICICIBANK EQ 25-May-10 821.1 821.1 802.35 809.35

ICICIBANK EQ 26-May-10 825.05 850.75 821.2 847.75

ICICIBANK EQ 27-May-10 845 865 833.25 856.8

ICICIBANK EQ 28-May-10 862.1 877 848.65 864.75

ICICIBANK EQ 31-May-10 864.75 874.45 857.4 868.3

ICICIBANK EQ 1-Jun-10 851.65 864.8 833.1 837.95

ICICIBANK EQ 2-Jun-10 844.7 849.9 823 842.3

ICICIBANK EQ 3-Jun-10 851.4 859.05 848.2 854.1

ICICIBANK EQ 4-Jun-10 854.1 868.6 854.1 865.85

ICICIBANK EQ 7-Jun-10 712 850 712 841.95

ICICIBANK EQ 8-Jun-10 839 844.7 813.1 817.5

ICICIBANK EQ 9-Jun-10 817 839.9 817 824.55

ICICIBANK EQ 10-Jun-10 822.8 834.2 814 829.05

ICICIBANK EQ 11-Jun-10 845 850 831.8 846

ICICIBANK EQ 14-Jun-10 855 859 843.4 853.65

ICICIBANK EQ 15-Jun-10 853.65 864.85 839.3 860.1

ICICIBANK EQ 16-Jun-10 869 879.9 860.05 876.75

ICICIBANK EQ 17-Jun-10 878 891.9 846 883.85

ICICIBANK EQ 18-Jun-10 876.1 885 864.05 869.3

ICICIBANK EQ 21-Jun-10 878.9 910 875.6 899.8

ICICIBANK EQ 22-Jun-10 897 905.8 888.4 891.6

ICICIBANK EQ 23-Jun-10 886.1 904.7 881.55 900.4

ICICIBANK EQ 24-Jun-10 898.2 902 878.15 885.7

ICICIBANK EQ 25-Jun-10 880 881.95 851.55 856.55

ICICIBANK EQ 28-Jun-10 852 871.95 852 870.15

ICICIBANK EQ 29-Jun-10 870.15 870.15 841.65 848.3

ICICIBANK EQ 30-Jun-10 836.1 864.35 834.25 861.7

ICICIBANK EQ 1-Jul-10 854.45 857 836.55 841.45

ICICIBANK EQ 2-Jul-10 842.5 847.75 833.2 840.05

ICICIBANK EQ 5-Jul-10 838 845.7 834 840.6

ICICIBANK EQ 6-Jul-10 839.5 861.7 838.45 858.8

ICICIBANK EQ 7-Jul-10 857 858.1 844.25 846.2

ICICIBANK EQ 8-Jul-10 858 865.8 855.05 862.3

ICICIBANK EQ 9-Jul-10 866.5 879 866 875.9

ICICIBANK EQ 12-Jul-10 884.9 895 876.05 893.45

ICICIBANK EQ 13-Jul-10 860.25 901 860.25 899.45

ICICIBANK EQ 14-Jul-10 903 914.45 886.15 891.25

ICICIBANK EQ 15-Jul-10 889.05 900.85 878.3 881.85

ICICIBANK EQ 16-Jul-10 886 905 886 902.4

ICICIBANK EQ 19-Jul-10 895.1 904.35 887 900.05

ICICIBANK EQ 20-Jul-10 900.05 906.1 883 886.85

Report on Fundamental & Technical Analysis of ICICI BANK

ICICIBANK EQ 22-Jul-10 899 910 886.2 908.7

ICICIBANK EQ 23-Jul-10 915 920.8 905.4 912.85

ICICIBANK EQ 26-Jul-10 918.8 926.4 911.2 916.7

ICICIBANK EQ 27-Jul-10 915.3 927.5 898.25 924.2

ICICIBANK EQ 28-Jul-10 925 925.5 902.5 908.85

ICICIBANK EQ 29-Jul-10 902 932 900.3 928.7

ICICIBANK EQ 30-Jul-10 927 931.5 900 904.9

ICICIBANK EQ 2-Aug-10 912 941.9 911 939.55

ICICIBANK EQ 3-Aug-10 944.4 966 943 962

ICICIBANK EQ 4-Aug-10 963.05 973 957.05 969.25

ICICIBANK EQ 5-Aug-10 973 973 952.65 955.4

ICICIBANK EQ 6-Aug-10 955 963 942.55 949.8

ICICIBANK EQ 9-Aug-10 949 982 949 980.1

ICICIBANK EQ 10-Aug-10 977.15 995 966.65 988.9

ICICIBANK EQ 11-Aug-10 980.1 999 962.7 971.85

ICICIBANK EQ 12-Aug-10 964 988 957 963.3

ICICIBANK EQ 13-Aug-10 969.9 984.8 963.3 976.4

ICICIBANK EQ 16-Aug-10 977 981 953.1 957.1

ICICIBANK EQ 17-Aug-10 957.5 969.8 952.5 958.9

ICICIBANK EQ 18-Aug-10 962 977 951.1 967.9

ICICIBANK EQ 19-Aug-10 972.05 1015.9 972.05 1013

ICICIBANK EQ 20-Aug-10 1005.55 1009.95 991.6 994

ICICIBANK EQ 23-Aug-10 993.5 1016.7 985 1011.5

ICICIBANK EQ 24-Aug-10 1006 1024 998 1001.7

ICICIBANK EQ 25-Aug-10 993.25 1003.85 981.65 984.3

ICICIBANK EQ 26-Aug-10 985 995 976.1 983.55

ICICIBANK EQ 27-Aug-10 990 990 953.25 957.45

ICICIBANK EQ 30-Aug-10 966.9 980.95 958.15 967.9

ICICIBANK EQ 31-Aug-10 962 981.5 960 977.7

ICICIBANK EQ 1-Sep-10 980.35 1002.7 980.35 995

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