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Private-sector bank Historical case study · data as of 30 Jun 2026 · published 03 Oct 2026 (95 days later)

ICICI Bank — 100-point case study

How ICICI Bank looked on 50 technical and 50 fundamental measures on 30 Jun 2026 — and what happened over the next three months. Education only; not a current view.

CodesNSE: ICICIBANK · BSE: 532174
Close on 30 Jun 2026₹1,375.20
Market cap then₹9,86,919 crore
ValuationP/E 17.0× · P/B 2.72×
MomentumRSI (14) 66 · 1-year return -4.9%
Next 3 months-4.7% vs Nifty 50 -6.0% (to 01 Oct 2026)

Scorecard

Technical — 50 points

19 bullish · 25 neutral · 2 caution · 3 bearish — the picture leaned positive.

Fundamental — 50 points

13 bullish · 33 neutral · 1 caution · 2 bearish — the picture leaned positive.

Price chart

1,1691,2561,3441,4311,519Jul 25Oct 25Jan 26Apr 26Jul 26Oct 26R2 1,497R1 1,415S1 1,367S2 1,231Snapshot 30 JunWhat happened next →
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 30 Jun 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

A. Trend

#PointReadingTagCommentary
1Short-term trend (20 days)slope +0.62%/dayBullishOver the last 20 sessions the regression line of closing prices was rising about 0.62% a day — a short-term uptrend.
2Medium-term trend (~5 months)3M return +9.9%BearishThe 100-session trend line was down (-0.07%/day) and the stock was +9.9% over three months, so the medium-term picture was bearish.
3Long-term trend (1 year)1Y return -4.9%NeutralCompared with a year earlier the price was -4.9%. Little net progress over twelve months.
4Weekly chart trend10W 1,300.55 / 30W 1,326.57NeutralOn the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages.
5Swing structure (highs/lows)last highs 1,301.80→1,362.70; lows 1,223.30→1,213.70NeutralThe two most recent swing points showed a higher high but a lower low — mixed structure.
6ADX (14) — trend strength30.0BullishADX at 30.0 shows a strong trend in force. ADX measures strength only, not direction.
7+DI vs –DI+DI 30.9 / –DI 16.0Bullish+DI was above –DI: upward price pressure outweighed downward pressure.

B. Moving averages

#PointReadingTagCommentary
8Price vs 20-day SMA1,318.04 (+4.3%)BullishClose of 1,375.20 was 4.3% above the 20-day SMA — the short-term trend filter was positive.
9Price vs 50-day SMA1,295.97 (+6.1%)BullishClose of 1,375.20 was 6.1% above the 50-day SMA — the medium-term trend filter was positive.
10Price vs 200-day SMA1,345.73 (+2.2%)BullishClose of 1,375.20 was 2.2% above the 200-day SMA — the long-term trend filter was positive.
119 / 21 EMA crossover9E 1,360.29 / 21E 1,330.34BullishThe 9-day EMA was above the 21-day EMA; the last crossover happened on 10 Jun 2026.
12Golden / death cross (50 vs 200)no cross in data windowBearishThe 50-day average was 3.7% below the 200-day. No 50/200 crossover occurred in the data window.
1350-day SMA slope+1.5% in 20 sessionsBullishThe 50-day average rose 1.5% over the past month — rising.
14MA ribbon alignment1,318 / 1,296 / 1,313 / 1,346NeutralThe 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range.
15Monthly anchored VWAP1,311.79 (+4.8%)BullishAnchored to the start of June, the volume-weighted average price was 1,311.79; the close was above it — buyers that month were on average in profit.

C. Momentum

#PointReadingTagCommentary
16RSI (14)65.9BullishRSI at 65.9 showed positive momentum without being overbought.
17RSI divergence (last 40 days)bullish divergenceBullishComparing the last 20 sessions with the 20 before: bullish divergence: price made a lower low but RSI made a higher low — selling momentum was fading.
18MACD line vs signalMACD 28.30 / signal 21.57BullishMACD was above its signal line — momentum turning or staying positive.
19MACD histogram (5-day change)7.07 → 6.72BearishThe histogram fell over the last five sessions, meaning momentum was weakening.
20MACD vs zero line28.30BullishMACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime.
21Stochastic (14,3,3)%K 85.7 / %D 88.6CautionSlow stochastic at 85.7 was in overbought territory (>80).
22Williams %R (14)-21.7Neutral%R of -21.7 put the close in the middle of its 14-day range.
23CCI (20)95NeutralCCI at 95 was within the normal ±100 band.
24Rate of change (10-day)+3.6%BullishPrice changed +3.6% over ten sessions.

D. Volatility

#PointReadingTagCommentary
25Bollinger Band position (%B)%B 0.78 (bands 1,216.50–1,419.58)Neutral%B of 0.78 — inside the bands, upper half.
26Bollinger width / squeezewidth 15.4% (82nd pct of 6M)NeutralBand width was at the 82nd percentile of the last six months, a normal level.
27ATR (14)₹26.75 (1.9% of price)NeutralA typical day's range was about ₹26.75, or 1.9% of the price — useful for judging how much 'normal noise' to expect.
28Historical volatility (30-day)18.4% vs 1Y 18.5%NeutralAnnualised 30-day volatility was 18.4%, close to the one-year level of 18.5%.
29Keltner Channel (20, 2×ATR)1,278.21–1,386.09NeutralThe close was inside the channel, so no volatility breakout.
30Beta vs Nifty 50 (1Y daily)0.91NeutralA beta of 0.91 means the stock tended to move roughly in line with the Nifty 50 day to day.

E. Volume & money flow

#PointReadingTagCommentary
31Volume vs 20-day averagelast day 1.16× / 5-day 0.97×NeutralThe final session traded 1.16× its 20-day average volume and the last five sessions averaged 0.97× — normal participation.
32Up-day vs down-day volume (20d)ratio 1.07NeutralAverage volume on up days was 1.07× that on down days — balanced.
33On-Balance Volume (20d)OBV risingBullishOBV rose over the month while price rose — volume confirmed the price move.
34Accumulation/Distribution linerising (20d)BullishThe A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume.
35Chaikin Money Flow (20)0.13BullishCMF at +0.13 indicated net inflows.
36Money Flow Index (14)80.2CautionMFI, a volume-weighted RSI, was 80.2 — overbought.
37Liquidity (avg daily turnover)₹2,081 cr/dayNeutralAbout ₹2,081 crore changed hands per day on average over 20 sessions — highly liquid.

F. Price levels

#PointReadingTagCommentary
38Support levels (S1/S2/S3)1,366.87 / 1,231.29 / 1,187.60NeutralNearest support (prior swing lows) sat at 1,366.87, 0.6% below the close, then 1,231.29, 1,187.60.
39Resistance levels (R1/R2/R3)1,415.29 / 1,497.25NeutralNearest resistance (prior swing highs) sat at 1,415.29, 2.9% above the close, then 1,497.25.
40Monthly pivot points (for next month)P 1,330.97 | R1 1,448.23 | S1 1,257.93NeutralClassic pivots from June's high/low/close gave a pivot of 1,330.97; the close was above it.
41Fibonacci retracement (6M swing)23.6% 1,248 | 38.2% 1,286 | 50.0% 1,316 | 61.8% 1,346NeutralMeasuring the 6-month fall from 1,443.90 to 1,187.60, the close was nearest the 61.8% retracement at 1,345.99.
4252-week high / lowH 1,500.00 / L 1,187.60NeutralThe close was 8.3% below the 52-week high and 15.8% above the 52-week low.
43Unfilled price gaps (6M)noneNeutralNo unfilled price gaps in the last six months.

G. Patterns

#PointReadingTagCommentary
44Price structure / chart patterncounter-trend bounce inside a larger downtrendNeutralRule-based pattern scan: counter-trend bounce inside a larger downtrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
45Breakout / breakdown (20-day)range 1,213.70–1,404.00NeutralThe close was inside the prior 20-day range of 1,213.70–1,404.00.
46Latest candlestickOrdinary red candleNeutralOn 30 Jun the candle opened 1,402.00, ranged 1,366.10–1,402.00 and closed 1,375.20: Ordinary red candle. Single candles are weak signals on their own.
47Ichimoku Cloudcloud 1,278.85–1,290.35; Tenkan 1,367.70 / Kijun 1,308.85BullishPrice was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup.

H. Relative strength & summary

#PointReadingTagCommentary
48Relative strength vs Nifty 501M +8.1% / 3M +5.7%BullishThe stock outperformed the Nifty 50 by 5.7 points over three months and outperformed by 8.1 points over one month.
49Relative strength vs Nifty Bank3M +0.5%NeutralAgainst its sector index (Nifty Bank) the stock was 0.5 points ahead over three months.
50Technical summary19 bullish · 3 bearish · 25 neutral · 2 cautionBullishAcross the 49 readings the technical picture leaned positive. Levels that mattered: support 1,366.87, resistance 1,415.29. This is a description of the chart on 30 Jun 2026, not a forecast.

Fundamental analysis — 50 points

Uses only results published by 30 Jun 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 30 Jun 2026 close.

A. Valuation

#PointReadingTagCommentary
1P/E (trailing 12 months)17.0×NeutralAt ₹1,375.20 the market valued the company at about ₹9,86,919 crore, or 17.0× the ₹57,936 crore profit of the four quarters to Mar 2026. That is a moderate multiple.
2Price / Book2.72×NeutralMarket cap was 2.72× the Mar 2026 book value (equity + reserves) of ₹3,63,060 crore. For a bank, P/B is the main valuation yardstick.
3Price / Revenue (interest earned)5.06×NeutralMarket cap was 5.06× trailing-12-month revenue (mainly interest earned) of ₹1,95,219 crore.
4Profit / Book (earnings power)16.0%NeutralTrailing profit was 16.0% of book value — the return the bank was generating on the equity investors were paying 2.72× for.
5Earnings yield5.9%NeutralThe inverse of P/E: each ₹100 invested bought about ₹5.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
6PEG (P/E ÷ 3-yr profit CAGR)0.96BullishP/E of 17.0 divided by 3-year profit growth of 17.8% a year gives a PEG of 0.96. Below 1 is often read as growth being cheaply priced; above 2 as expensive.
7Dividend yield (trailing 12M)0.80%NeutralDividends with ex-dates in the 12 months to the snapshot totalled ₹11 a share, a 0.80% yield on the ₹1,375.20 price.
8Market capitalisation₹9,86,919 crNeutralAt about ₹9.87 lakh crore the company was a large-cap, among the largest listed companies in India.
9Graham number vs price₹958.60 vs ₹1,375.20NeutralBenjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹958.60; the price was 43% above it. Quality franchises usually trade above this number.

B. Growth

#PointReadingTagCommentary
10Revenue growth FY26 (YoY)+4.8%NeutralRevenue (interest earned) for FY26 was ₹1,95,218 crore, +4.8% versus FY25.
11Q4 FY26 revenue growth (YoY)+2.5%NeutralThe Jan–Mar 2026 quarter brought ₹49,594 crore of revenue, +2.5% on the same quarter a year earlier.
12Net profit growth FY26 (YoY)+6.2%NeutralFY26 net profit was ₹57,936 crore, +6.2% on FY25's ₹54,569 crore.
13Q4 FY26 profit growth (YoY)+9.2%NeutralQuarterly profit was ₹15,681 crore versus ₹14,354 crore a year earlier (+9.2%).
14Revenue CAGR (3 years)17.3%BullishRevenue compounded at 17.3% a year from FY23 to FY26.
15Profit CAGR (3 years)17.8%BullishNet profit compounded at 17.8% a year from FY23 to FY26.
16Revenue CAGR (5 years)17.0%BullishOver five years (FY21–FY26) revenue compounded at 17.0% a year.
17EPS growth FY26 (reported)+5.7%NeutralReported EPS went from ₹71.65 to ₹75.71 (+5.7%). Differences from profit growth come from changes in share count (bonus, buyback, new issues).

C. Profitability

#PointReadingTagCommentary
18Net interest margin (Q4 FY26)4.32%BullishNIM — the spread between what the bank earns on loans and pays on deposits — was 4.32% in Jan–Mar 2026 (as reported). Above ~3.5% is strong for an Indian bank.
19Net interest income growth (Q4 FY26)+8.4%NeutralCore interest income after interest expense was ₹22,979 crore, +8.4% year on year (standalone, as reported).
20Net profit margin FY2629.7%Neutral₹29.7 of every ₹100 of interest-led revenue ended up as net profit in FY26.
21Return on equity FY2617.1%NeutralFY26 profit was 17.1% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak.
22Leverage (assets ÷ equity)8.0×NeutralTotal assets were 8.0× equity — normal for banks, which fund most assets with deposits.
23Return on assets FY261.99%BullishNet profit was 1.99% of total assets. For banks, ROA above 1% is considered healthy.
24Effective tax rate FY2625%NeutralThe company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%.
25Q4 FY26 standalone profit (reported)₹13,702 cr (+8.5%)NeutralThe bank's own (standalone) Jan–Mar 2026 profit as reported was ₹13,702 crore, +8.5% year on year.

D. Asset quality & capital

#PointReadingTagCommentary
26Gross NPA (Q4 FY26)1.40%BullishGross non-performing assets were 1.40% of loans — low by Indian standards.
27Net NPA (Q4 FY26)0.33%BullishAfter provisions, net NPAs were 0.33% of loans.
28CASA ratio38.6%NeutralLow-cost current and savings deposits made up 38.6% of deposits — a higher CASA means cheaper funding.
29Capital adequacy (CRAR)17.18%BullishCapital adequacy was 17.18%, comfortably above the RBI minimum of 11.5% (incl. buffer).
30Loan (advances) growth+15.8%BullishAdvances grew +15.8% year on year (as reported).
31Deposit growth+11.4%NeutralDeposits grew +11.4% year on year (as reported).
32Deposit base (consolidated)₹18.30 lakh crNeutralConsolidated deposits were ₹18,30,020 crore at Mar 2026, +11.5% on a year earlier.
33Book value growth+15.7%BullishEquity grew +15.7% to ₹3,63,060 crore — banks need book growth to support loan growth.

E. Cash flow

#PointReadingTagCommentary
34Operating cash flow FY26₹67,325 crNeutralOperating cash flow was ₹67,325 crore. For banks this swings with deposit and loan flows, so it says little about profitability.
35Investing cash flow FY26₹-11,708 crNeutralInvesting flows for banks mostly reflect securities and fixed-asset purchases.
36Financing cash flow FY26₹-4,661 crNeutralFinancing flows reflect borrowings raised/repaid and dividends paid.
37Net cash flow FY26₹50,957 crNeutralOverall cash and balances changed by ₹50,957 crore in FY26.
38Investment book growth-1.8%NeutralThe investment portfolio (mostly government securities) moved -1.8% to ₹8,70,720 crore.
39Loan growth minus deposit growth+4.4 ptsCautionLoans grew 15.8% and deposits 11.4%. When loans outpace deposits for long, banks must pay up for funding — a margin risk.

F. Dividends & shareholder returns

#PointReadingTagCommentary
40Dividend payout ratio FY2616%NeutralThe company paid out about 16% of FY26 profit as dividends.
41Dividend consistency (3 years)16% / 15% / 16%BullishPayout ratios for FY24 / FY25 / FY26 — dividends were paid every year.
42Share capital change (FY25→FY26)+0.5%NeutralPaid-up equity capital changed +0.5% (₹1,425 cr → ₹1,432 cr). Essentially unchanged — no dilution.

G. Ownership

#PointReadingTagCommentary
43Promoter holdingNo promoter (widely held)NeutralThe company has no identified promoter group — ownership is spread among institutions and the public.
44Foreign institutional holding34.48% (-11.35 pts YoY)BearishFIIs held 34.48% at Mar 2026, down from 45.83% a year before.
45Domestic institutional holding39.94% (-4.83 pts YoY)BearishMutual funds, insurers and other DIIs held 39.94%, down from 44.77%.
46Number of shareholders20.8 lakh (+9.5% YoY)NeutralThe shareholder count moved from 19.0 lakh to 20.8 lakh in a year — a rough gauge of retail interest.
47Promoter pledgenone reportedNeutralNot applicable — no promoter group.

H. Quality & summary

#PointReadingTagCommentary
48Financial health checklist (Piotroski-style, 8 tests)8/8BullishPassed: positive profit, profit grew, ROA ≥ 1%, gross NPA < 3%, net NPA < 1%, CRAR ≥ 14%, ROE ≥ 12%, no meaningful dilution (<3%).
49Automated screen flags0 strength(s) · 4 weakness(es)NeutralNo strengths flagged. Weaknesses: Company has low interest coverage ratio; Contingent liabilities of Rs.65,46,110 Cr; Earnings include an other income of Rs.1,18,852 Cr; Working capital days have increased from 55.4 days to 108 days. (Flags generated by the data source’s rule screen.)
50Fundamental summary13 bullish · 2 bearish · 33 neutral · 1 cautionBullishOn the numbers published by 30 Jun 2026 the fundamental picture leaned positive. Valuation: P/E 17.0×, P/B 2.72×. This describes the data, not a recommendation.

News in the three months before the snapshot

Company news from 1 Apr – 30 Jun 2026 that an investor could have known on the snapshot date.

What happened next (30 Jun 2026 → 01 Oct 2026)

Later news

Educational summary. On 30 Jun 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -4.7% against -6.0% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold ICICI Bank today.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 03 Oct 2026); index — Nifty 50, Nifty Bank via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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