ICICI Bank stares at loss of 50 Million Dollars

ICICI Bank discloses exposure to Singapore crude oil trading firm a Singapore based Hin Leon Trading which has resulted in ICICI Banks share plunging to low of 330 at Indian bourses on Tuesday 21st April 2020 which is around 8% of the previous days closing.

Singapore firm which of which 75 Million Dollars was secured through inventories of oil  - the oil prices futures plunged to negative levels in US commodity trading.

The bank may have to increase its provisioning immediately to counter M2M losses of the trading firm. Hence we may see subdued result of the Bank in the first quarter result of the present financial year.

We still recommend buy in the stock for the target of 375 - 391-415 in coming 2 to 3 month of time. kindly note that there will not be any kind of dividend declaration by any of the India bank listed on the stock exchanges be it be private bank or public sector banks.

Calls for August 18, 2014

• Buy ICICI Bank 1500 Put August Series around 15 for target of 25-27 in 2-3 days and 35 by Friday or Next week , a gain of 70% to 100 % within a week time
• Buy IDFC 150 PUT August Series around 2.7 for target of 5 in 6 in 2-3 days and 8-9 by Friday or Next week , a gain of 100%-200% within a week time
• Buy Tata Motors 480 Put August series for 2.7 for target of 5-6 by Friday a gain of 100%

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** Super Profit Call ** Sell ICICI Bank for target of

Aggressive and high risk traders can sell ICICI Bank in Futures around 1505-1510 levels for target of 150-1470 in 3-4 days in futures.

Also low risk traders or cash market traders can buy the PUT of ICICI Bank of strike price around 21 to 23 levels for target of 40-45 in 3-4 days.