EquityPandit’s Outlook for ICICI Bank for the week (February 29, 2016 – March 04, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 7.00%.

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 201 and sold off to close the week around the levels of 185.

The stock is approaching towards the multi year support trend-line which is positioned around the levels of 170 to 175. 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 170 – 175 on lower side to 200 – 205 on upper side.