Stock market has been witnessing range-bound trend till the Lok Sabha Elections 2019 results are out, says Dalal Street experts. However, they are maintaining that the share market is overall bullish and suggesting 'buy on dips' strategy to the market investors. However, they are also suggesting investors to check the fundamentals and technicals of the counter and asking traders to take position in those stocks which are strong from both perspectives as it will help them maximise their profit post election result. ICICI Bank is one such stock whose quarterly results have further boosted the morale of the market experts and they are betting high on the counter forecasting 28 per cent upside swing in the ICICI share price.

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Giving details about the fundamentals of the ICICI Bank share price Deepak Kumar, Research Analyst at the Narnolia Financial Advisors said, "NII grew strong by 26.5 per cent to Rs 7,620 Crore but the PAT fell well below our expectation due to high provisioning and opex growth. NIM stood at 3.72 per cent against 3.40 per cent in Q3FY19. The provisions during the quarter stood at Rs 5,451 Crore against Rs 4,244 Crore in 3Q FY19." Deepak went on to add that fee income during the quarter grew by 15 per cent YoY to Rs 3,178 Crore, treasury income was Rs 156 Cr in Q4FY9 compared to Rs 2,685 Cr in Q4 FY18. Treasury income in Q4FY18 was substantially higher due to gain of Rs 3,320 Crore on sale of shareholding in ICICI Securities.

On his advise to the stock market investors in regard to ICICI share price Deepak Kumar of Narnolia Financial Advisors said, "Fundamentals of the ICICI Bank suggests an upside momentum foor near 28 per cent. The counter may show Rs 515 per shares in three to four quarters means in one-year perspective on can expect a return up to 28 per cent in the ICICI Bank counter." Currently, the ICICI Bank share price is oscillating around Rs 400 per stock levels.

Giving technical details of the ICICI Bank stocks SEBI registered technical equity analyst Simi Bhaumik said, "Currently, the ICICI Bank share price is range-bound with strong support at Rs 390 per stock levels. The counter is facing stiff resistance at Rs 410, once this resistance is broken, the banking major may show Rs 425 to 440 levels in short-term means in around one month." She advised stock market investors to buy ICICI Bank shares on dips maintaining stop loss below Rs 390.

Standing in sync with Simi Bhaumik's views on short-term target of the ICICI Bank share price Rakesh Kumar, Analyst at Elara Securities said, "ICICI Bank to date has improved its retail asset & liability franchise significantly and with likely stabilization in the overseas loan book. In the short-term perspective, the ICICI Bank share price is poised to touch Rs 431 levels."