EquityPandit’s Outlook for ICICI Bank for the week (February 22, 2016 – February 26, 2016):

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 2.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 200 to 205 where 500 Weekly SMA and 100 Monthly SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 215 to 220 from where the stock has broken down the lows of Jan – 2016. During the week the stock manages to hit a high of 207 and sold off to close the week around the levels of 198.

Support for the stock lies in the zone of 190 to 195 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. If the stock manages to close below this levels then the stock can drift to the levels of 150 where the stock has made a bottom in the month of August – 2013 and rallied.

Resistance for the stock lies in the zone of 200 to 205 where 500 Weekly SMA and 100 Monthly SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 215 to 220 from where the stock has broken down the lows of Jan – 2016.

Broad range for the stock in the coming week can be 180 – 185 on lower side to 205 – 210 on upper side.