Buy ICICI Bank, advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking recommends buying ICICI Bank. "In an uptrend when corrections happen because of long unwinding and formation of short positions, these dips are meant to be bought into," he adds.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "I would be a buyer in ICICI Bank . People might be sensing that it might be a break down but it is just a consolidation. ICICI Bank has done remarkably well, we are seeing lot of long positions which are standing there. Any correction which has happened in between, which is not very significant has happened mainly because of long unwinding."

"In an uptrend when corrections happen because of long unwinding and now because formation of short positions, these dips are meant to be bought into. So, we won't short ICICI Bank either," he added.

On May 29, 2014 ICICI Bank closed at Rs 1,437.85, down Rs 18.30, or 1.26 percent. It has touched an intraday high of Rs 1,468 and an intraday low of Rs 1,427.10.

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