COMPANY ANALYSIS

About ICICI BANK

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and
was its whollyowned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a
public offering of shares in India in fiscal 1998. ICICI was formed in 1955 at the initiative of the
World Bank, the Government of India and representatives of Indian industry.
Industrial Credit and Investment Corporation of India (ICICI) Bank today is a leading player in
Indian banking industry. As of 2014 it is the second largest bank in India in terms of assets and
market capitalization. Reserve Bank of India (RBI) named State Bank of India and ICICI Bank
"systemically important" and have decided to observe tougher supervision on these 2 banks to avoid
collapses that could rattle the financial system and economy.
ICICI Bank is India's largest private sector bank with total assets of Rs. 646,129.29 crores at March
31, 2015 and profit after tax Rs. 11,175.35 crores for the year ended March 31, 2015. In 2000, ICICI
Bank became the first Indian bank to list on the New York Stock Exchange with its five million
American depository shares issue generating a demand book 13 times the offer size.
The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United
States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre
and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand,
Malaysia and Indonesia. Their UK subsidiary has established branches in Belgium and Germany.

Services offered by the company:

Consumer banking It includes a number of deposits like Saving account, Recurring

account, Fixed deposit account, special accounts for senior citizens and also teenagers.

Cards These cards include Credit card, Travel card and Debit card.

Investment banking Various options are provided to the customers like Tax Saving Bonds,
Mutual Funds, Foreign Exchange Services and Pure Gold Investments.

Loans This include Personal Loans, Medical Equipment loans, Farm Equipment Loans,
Vehicle Loans and Loans against Securities.

Finance Channel finance is one of the strong products which ICICI bank has in its kitty.
Plus there are numerous forms of Finance provided by the bank.

Corporate banking

Insurance ICICI bank is known for its large portfolio of Insurance options.

Wealth management

Private banking

Mortgage loans Most banks make an amazing amount of revenue from offering Loans.
ICICI has many fail safes in place to ensure that it gives loans to the better customers only.

NRI Services

Money Transfer

Bank Accounts

Investment

Home Loans

Insurance

Loans against FD

BUSINESS MODEL OF ICICI BANK

ICICI Bank is well positioned to redefine the banking model by focusing on the untapped potential in
the profitable retail business segments and leveraging its superior delivery capabilities and lower
operating costs in the under-served corporate banking business. ICICI Bank has adopted a threepronged strategy for its corporate banking division to tap better business opportunities. The bank at
its inception targeted large corporate with at least Rs 100 crore of business, and had put in place a
structure to serve them better. Further, it looked at non-fund based activities to cater to them.
The bank covers 12 clusters
Automotive

 Construction
Pharmaceuticals
Apparel
Educational institutions
Transporters
Tenkashi Timbers
Retail trade
Diagnostic centre
Gems n jeweler
Software
IT services
The ICICI bank remittance approach:
ICICI Banks key focus in the remittances space was towards building access to low cost and
convenient remittances, for both the remitters and the beneficiaries. The value perceived by the
overall remittance community was on the lines of Increased and easier accessibility for the remitter
and beneficiary
ICICI banks strategy to capture retail potential:
The core of the strategy is the relentless focus on the customer and the cross selling of the product,
Strong corporate relationships and Achieving leadership in retail Brand financial services technology.
Strategy for corporate banking and structured finance
-Maximize value of client relationships.
-Leverage technology to enhance delivery capabilities.
-Proactive portfolio management
The aim is to provide state-of-the-art , low cost and efficient banking services but with a focus.
ICICI Banks business model also includes the following practices:
Government Solution Group -Develops comprehensive banking relationships with all central, state
and local government entities.
Corporate solution group -Reach the entire universe of current and potential clients and offer tailor
made solutions.

 Small and medium enterprise group -Develop comprehensive baking relationships with small and
medium sized enterprise leveraging corporate linkages. Focus on agri-lending to help in compliance
with priority sector norms.
Aggressively pursue cross sell opportunities for all ICICI group products.
Leverage expertise to facilitate loan origination and ensure sell down leading to reduced
concentration of risk , optimal risk return trade off.
Infrastructure project groups - Create a balanced portfolio across subsectors telecomm, power,
transportation urban infrastructure. Focus on non-fund based activities.
Manufacturing projects group - Consolidation and modernization in core sectors cement, steel,
textiles and chemicals. Structured opportunities in certain emerging sectors oil and gas, mining,
retail, agri infrastructure.

MAJOR WAYS HOW ICICI BANK MAKES MONEY

1) Loans:
Lending loans to borrowers from the public is a major way for commercial banks like ICICI Bank
earn money. These could be personal loan, home loan, car loan and other type of mortgages.
The money lent to a person comes from the money deposits of other customers. Banks generally
restrict the amount of withdrawals to remain solvent, especially for forwarding loans. This ensures
that the money remains within the bank.
The amount is lent to a person at a higher interest rate for a fixed period of time. As the loan amount
starts getting recovered, the bank pays a portion of the interest value to other depositors and keeps
the remaining as its earning.
Issuance of loans creates money.
2) Credit Cards:
Credit cards are unsecured loans extended by a commercial bank with the sole intention of earning
heavy interest.
Availing a credit card, limited or unlimited value, gives the person access to immediate funds and the
person is charged premium fees by the bank for extending this facility.
Initially, credit card issuing bank offer low late payment fees for the first year but from second-year
onwards, the interest rates vary anywhere between 15% and 30%.
Often, mismanagement of credit cards by the user leads to a huge debt, which ends up in a high
windfall for the bank.

3) Public Deposits
Money kept by the public in various types of savings and checking accounts is the largest source of
funds for commercial banks.
The amount accountholders entrust the bank with safekeeping earns them a very basic interest
amount. These deposits are pooled together and loaned out to other individuals or invested
elsewhere.
The banks earn interest money and share the basic percentage with the savings or checking
accountholder.
4) Debt Issuance
Commercial Banks like ICICI Bank often issue debts to raise capital. This is done to maintain
smooth banking operations and when the need arise; the banks will use sources like repurchasing
agreements to access debt funding.
The issuance of bank bonds isnt unusual but they arent a common source of issuing bank capital
also; the bank bonds are either convertible or callable in nature. The debt forms a small percentage
of total loans in commercial banks and they arent major loanable funds either.
5) Service Fees
ICICI Bank levies service fees on its customers and even though the service fees are marginal, it
forms a large chunk of commercial bank earning medium.
ICICI Bank charges service fees for ATMs, overdrafts, operating a simple savings account, issuing
debit cards, renewing debit cards, accessing internet banking and mobile banking, issuing checks,
maintaining bank lockers and more.
These fees are unavoidable since every commercial bank charges them.

MARKETING STRATEGY AND PRACTICES OF ICICI BANK

ICICI Bank has some of the best marketing strategies. These marketing strategies are shown below:
Product Portfolio: ICICI bank offers products in various market segments.
Segmentation Strategy: It has segmented market as per below points:
Occupation: Different products for different occupational segment identified.
Income: Minimum balance serves as income segment barrier.
Geographical: Concentrated on Tier 1 & Tier 2 Cities trying to extend reach.
Age: Different products like student account.

 Differentiated product strategy: ICICI bank offered new innovative product to cater particular
market. Some of such initiatives are:
ICICI bank offers range of remittance products that target the Indian diaspora worldwide.
Two such products are Speed Transfer and Insta Transfer, both of them provide fast transfer
of fund. It offers various products for NRI customer as well, which is strengthened by its
presence in 19 countries.
It offer new and innovative products, such as Pockets, iWish etc. It also use technology in
tracking customer segments.
To acquire rural market, ICICI bank launched a pilot program in 6 villages in Tamil Nadu,
where it offered remittance services to rural customer and to provide financial literacy
services. It introduced low cost ATMs to serve rural market.
Cash Agent Model: ICICI bank took help of local entrepreneurs to setup internet kiosk where
internet connectivity is provided by Wireless Local Loop (WLL) technology.
Promotion Strategy: It has adopted various promotion and communication strategies to gain
customer from all segments. Some of the ways are:
ICICI bank was shown in a Hindi movie Bagban starring Amitabh Bachchan, where he was
employee of ICICI bank.
Campaign Khayal Aapka was started to revive its image among customers after 2008 crisis,
when ICICI bank used goons to get loan amount from customers.
Print media, hoarding, sponsoring events, channel partner outlets, kiosks in residential and
commercial complex are some of the ways to communicate its products and services.
Cross Brand Association: Tie up with Woven Hues, Cartoon Network are some of the
examples of cross brand associations.
Positioning: ICICI has positioned itself in various sectors. Positioning strategies can be
summarized as:
Core Positioning: Hum Hein Naa campaign- trust, credibility, total financial solution
provider, which is brought about through its cross selling effort.
Modernization: Process and physical evidences- technology as backbone and accelerator.

ICICI BANKS ORGANIZATION AND MANAGEMENT STRUCTURE

ICICI Banks organizational structure is designed to support its business goals, and is flexible while
at the same time seeking to ensure effective control and supervision and consistency in standards

across business groups. The organization structure is divided into five principal groups Retail
Banking, Wholesale Banking, Project Finance & Special Assets Management, International Business
and Corporate Centre.
The Retail Banking Group comprises ICICI Banks retail assets business including various retail
credit products, retail liabilities (including our own deposit accounts and services as well as
distribution of third party liability products), and credit products and banking services for the small
enterprises segment.

The Wholesale Banking Group comprises ICICI Banks corporate banking business
including credit products and banking services, with dedicated groups for corporate
clients, Government sector clients, financial institutions and rural and micro-banking
and agri-business. Structured finance, credit portfolio management and proprietary
trading also form part of this group.
The Project Finance Group comprises our project finance operations for
infrastructure, oil & gas and manufacturing sectors.
The Special Assets Management Group is responsible for large non-performing and
restructured loans.
The International Business Group is responsible for ICICI Banks international
operations, including its entry into various geographies as well as products and
services for non-resident Indians (NRIs).
The Corporate Centre comprises all shared services and corporate functions, including
finance and balance sheet management, secretarial, investor relations, risk
management, legal, human resources and corporate branding and communications.

The following hierarchical structure is followed at all the organizational departments of ICICI Bank:

Management

Name

Designation

Chanda Kochhar

Managing Director & CEO

Rakesh Jha

Chief Financial Officer

M K Sharma

Chairman

Tushaar Shah

Director

V K Sharma

Director

V Sridar

Director

Vijay Chandok

Executive Director

Vishakha Mulye

Executive Director

Abonty Banerjee

Senior General Manager

Ajay Gupta

Senior General Manager

Ajay Mittal

Chief Accountant

Alok Tandon

Director

Amit Palta

Senior General Manager

Anil Kaul

Senior General Manager

Anindya Banerjee

Senior General Manager

Anirudh Kamani

Senior General Manager

N S Kannan

Executive Director

P Sanker

Senior General Manager (Legal) & Co. Secretary

Anita Pai

Senior General Manager

Anup Saha

Senior General Manager

Dileep Choksi

Director

M S Ramachandran

Director

Maninder Juneja

Group Executive

CORPORATE GOVERNANCE

Corporate Governance in ICICI Bank

The Corporate Governance framework at ICICI Bank lay emphasises on adhering to Good Corporate
Governance norms. And for its effective implementation Bank has an efficient Board which
constitutes Independent Directors, the separation of the Boards supervisory role from the
management and the structure based on Board Committees, which are chaired by independent
Directors, to keep an eye on significant issues.
Philosophy of Corporate Governance
ICICI Banks Corporate Governance philosophy encapsulates regulatory, legal requirements and also
several voluntary practices which aim at a high level of business ethics for safeguarding the interest
of all related stakeholders. The Corporate Governance framework followed by the Bank also includes
significant portion of the recommendations given by the Corporate Governance Enactments and
initiating regulatory bodies.
Whistle Blower Policy
ICICI Bank has also introduced a Whistle Blower Policy. As per this policy, employees of ICICI
group are free to raise issues related to accounting policies and procedures related to any area or item

and report them back to the Audit Committee through specific channels. This system has been
communicated to the employees through Banks intranet.

(i)

Board of Directors

ICICI Bank has a broad-based Board of Directors, constituted in compliance with the Banking
Regulation Act, 1949, the Companies Act, 1956 and listing agreements entered into with stock
exchanges, and in accordance with good Corporate Governance practices. Their Board consists of 8
members who are responsible for the management of the bank.
The Board functions either as a full Board or through various committees constituted to oversee
specific operational areas. The Board has constituted ten committees, namely, Audit Committee,
Board Governance, Remuneration & Nomination Committee, Corporate Social Responsibility
Committee, Credit Committee, Customer Service Committee, Fraud Monitoring Committee,
Information Technology Strategy Committee, Risk Committee, Share Transfer &
Shareholders/Investors Grievance Committee and Committee of Executive Directors. These Board
Committees other than the Committee of Executive Directors currently consist of majority of
independent Directors and most of the Committees are chaired by independent Directors.
The Boards role, functions, responsibility and accountability are clearly defined. In addition to its
primary role of monitoring corporate performance, the functions of the Board include :
approving corporate philosophy and mission;
participating in the formulation of strategic and business plans;
reviewing and approving financial plans and budgets;
monitoring corporate performance against strategic and business plans, including overseeing
operations;
ensuring ethical behaviour and compliance with laws and regulations;
reviewing and approving borrowing limits;
formulating exposure limits;
keeping shareholders informed regarding plans, strategies and performance.

(ii)

Financial and Information Transparency

The code of conduct laid down by ICICI Bank ensures consistent standards of conduct and ethical
business practices including transparency in processes across the constituents of the ICICI Group by
Board of directors and its employees.
ICICI Bank has complied with all the mandatory requirements of clause 49 of the listing agreement.
Some of the most important items of disclosures and compliance are shown in the following table.
The bank has also complied with some other non mandatory requirements like the banks whistle
blower policy and code of conduct for prevention of insider trading.

ICICI Bank disseminates information on its operations and initiatives on a regular basis. The ICICI
Bank website serves as a key investor awareness facility, allowing stakeholders to access information
on ICICI Bank at their convenience. ICICI Bank's dedicated investor relations personnel play a
proactive role in disseminating information to both analysts and investors and respond to specific
queries. ICICI Bank provides a good level of transparency in their operations by releasing quarterly
reports to public and shareholders as well as having an active shareholders grievance committee
who addresses issues raised by shareholders efficiently. ICICI Bank constantly keeps their
shareholders in the loop regarding substantial information via emails and addressing such topics in
their shareholder meetings.

(iii)

Stakeholders Rights

The Bank recognises the important role that stakeholders play towards the achievement of the
Banks long term strategy and sustained growth. The Board is committed to continually uphold the
rights of its stakeholders and ensure that stakeholders interests are adequately considered in the
legal and business decisions that the Bank will take. Such commitment is captured in the Banks
internal policies and procedures which highlight the adoption of the highest standards of integrity and
transparency in all its business activities and dealings. Furthermore, the Bank adopts a process in
managing its relationship with its stakeholders. Such process delineates the protocols that will be

followed in communicating with stakeholders, level and degree of information that can be divulged,
and agreed structure/ timeframe in responding to any concerns raised by stakeholders.

(iv)

Corporate/Work Culture at ICICI Bank

It is a tech-savvy, simple hierarchical, work environment where early responsibility and independent
decision-making enable each employee to reach his/her potential.
Coupled with this is a strong performance management system that has built a meritocracy where
high performing-high potential individuals are duly rewarded
The Banks work environment fosters growth and learning of an individual fulfilling both
the individual and organizational aspirations.Their values are reflected in the way we conduct they
business and in the results that we consistently achieve for our stakeholders.
ICICI Bank value ones personal growth and prosperity, and make their work place an energetic
and involving area of interest.

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
companys shares, the higher its market price. The greater the supply of a companys 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.
The most commonly used charts are.

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.

Bar Chart of ICICI Bank

1200

1000

800

600

400

200

0
1-Apr10

1-May-10

1-Jun-10

1-Jul-10

1-Aug-10

1-Sep1

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:

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.

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.

Support and Resistance:

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 .

Formula of support and resistance level for intraday

trading
R1 (Resistance level 1) =2*P-L
S1 (Support level 1) =2*P-H
R2 (Resistance level 2) =P+R1-S1
S2 (support level 2)
=P+S1-R1
R3 (Resistance level 3) =H+2(P-L)
S3 (Support level 3) =L-2(H-P)
FOR 26th Aug
FOR 26th Aug
FOR 26th Aug
FOR 27th Aug
FOR 27th Aug
(Forecast)
FOR 27th Aug
(Forecast)
FOR 27th Aug
(Forecast)
FOR 27th Aug

Where
Pivot (P) = (C+H+L)/3
Close = C
High = H

(High+Close+Low)/3

High
Low
Close Price
Pivot Point

995
2796.5
983.55
984.883

High+2(Pivot-Low)

Resistance 3

1012.57

Pivot+(R1-S1)

Resistance 2

1003.78

2Pivot-Low
2Pivot-High

Resistance 1
Support 1

993.667
974.767

(Forecast)
FOR 27th Aug
(Forecast)
FOR 27th Aug
(Forecast)
FOR 27th Aug
(Forecast)
FOR 27th Aug
(Forecast)
FOR 27th Aug
(Forecast)

Pivot-(R1-S1)

Support 2

965.983

Low-2(High-Pivot)

Support 3

955.867

High Price

990

Low Price

953.25

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.

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 longterm 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.
The formula for an arithmetic moving

av
er
ag
e
is:
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.

50days moving Average

Axis Title

ICICI BANK Share Price & 50days

moving average
line
160
0
140
0
120
0
100
0
800
600

Close Price of
ICICI BANK

50 days moving
avg

400
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.
100days Moving Average

Axis Title

ICICI BANK Share Price &

100days
moving
average line
160
0
140
0
120
0
100
0
800
600
400
200
0

Close Price of
ICICI BANK

100 days
moving avg

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.
200 days Moving Average

Axis Title

ICICI BANK Share Price &

200days
moving average line
160
0
140
0
120
0
100
0
800

Close Price of ICICI

BANK

200 days moving avg

600
400
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.

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
2
X
N
X
Y

CORELATION

1300.584403
1326.382466
387
63.53563259
91.10463083
0.9769564
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
0
45 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.
If there is a 10% increase in nifty then

0.075020891

0.172716536

If there is 10% return on nifty then icici has 17.2%

I found, correlation between ICICI Bank and NIFTY is Positive and moving in same direction
with 0.5346 appox.

RSI RELATIVE STRENGTH INDEX

The RSI is a valuable tool to determine overbought / oversold stocks and measures the recent
performance of a stock in relation to its own stock price history. If the RSI of IBN stock goes
above 70 it could indicate an overbought condition, and if it goes below 30 it could mean an
oversold signal.
RSI of ICICI Bank is 70.3. According to RSI analysis, ICICI BANK is overbought and a bearish
divergence is formed.