ENIL a good buy, ICICI Bank on downsides: Devang Visaria

Devang Visaria, Chief Strategist, Devangvisaria.com, in a chat with ET Now talks about ENIL and ICICI Bank stock.

ENIL, on the charts?

ENIL made a very smart move today, I guess after you guys broke the news and all that but 220 should be a very strong resistance for this stock, on any dips back to 200 or so, it becomes a good buying opportunity and from those levels again, you can expect a move past 220 possibly to around 245-250 over the next two or three weeks. One bright spot in otherwise gloomy atmosphere.

Does it seem like the pain in ICICI Bank is over?

I guess on a relative basis possibly for the next two or three days you could see some kind of pullback on ICICI Bank, so if you are a brave heart and you want to trade on the opposite side with a stop of just around 814, you could look for a pullback rally to around 845-850 or even possibly 860. But you would do well to treat this only as a pullback rally and not as a serious positional buy because over the medium term, there could be still serious downsides for ICICI Bank.