EquityPandit’s Outlook for ICICI Bank for the week (February 08, 2016 – February 12, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 8.40%.

As we have mentioned last week that support for the stock lies in the zone 210 to 220 where 100 Monthly SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 190 to 200 where 500 Weekly SMA and the stock has made a bottom on 07/02/2014 from where the stock has rallied to the levels of 393. During the week the stock manages to hit a low of 200 and bounce to close the week around the levels of 211.

Support for the stock lies in the zone 205 to 207 where 100 Monthly SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 190 to 200 where 500 Weekly SMA and the stock has made a bottom on 07/02/2014 from where the stock has rallied to the levels of 393.

Resistance for the index lies in the zone of 218 from where the index has broken down. If the index manages to close above this levels then the index can move to the levels of 240 to 245 where 1000 Daily SMA is lying.

Broad range for the stock in the coming week can be 200 – 205 on lower side to 220 – 225 on upper side.