scorecardresearchEMIs Set To Get Costlier: ICICI Bank raises lending rate by 15 basis points

EMIs Set To Get Costlier: ICICI Bank raises lending rate by 15 basis points

Updated: 01 Aug 2022, 02:36 PM IST
TL;DR.
The rates have been increased across all tenors under the marginal cost of funds-based lending rate (MCLR) system, a move that will make EMI expensive for those who availed loans benchmarked against MCLR.
ICICI Bank: The brokerage has a target price of  <span class='webrupee'>₹</span>800 for this banking stock, implying an upside of 18 percent. Stop loss at  <span class='webrupee'>₹</span>570 and entry range of  <span class='webrupee'>₹</span>655-635, said the brokerage. The stock is approaching 620 mark which is a very strong demand zone as per the pitchfork tool. This zone is also the 161.8 percent retracement of the previous move. We saw the data from 2016 and found that whenever the RSI of ICICI Bank went below 30 mark there has been a bottom formation most of the times and this time too the RSI is below 30, the brokerage house said.

ICICI Bank: The brokerage has a target price of 800 for this banking stock, implying an upside of 18 percent. Stop loss at 570 and entry range of 655-635, said the brokerage. The stock is approaching 620 mark which is a very strong demand zone as per the pitchfork tool. This zone is also the 161.8 percent retracement of the previous move. We saw the data from 2016 and found that whenever the RSI of ICICI Bank went below 30 mark there has been a bottom formation most of the times and this time too the RSI is below 30, the brokerage house said.