EquityPandit’s Outlook for ICICI Bank for the week (March 21, 2016 – March 23, 2016):

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 7.50%.

As we have mentioned last week that the stock has closed around the resistance zone of 215 to 220 from where the stock has broken down the lows of Jan – 2016. If the stock manages to close above this levels then the stock can move to the levels of 240 to 245 from where the stock has broken down in the month of Dec – 2015 and 100 Daily SMA is lying. During the week the stock manages to hit a high of 236 and close the week around the levels of 230.

Support for the stock lies in the zone of 215 to 220 from where the stock has broken down the lows of Jan – 2016. If the stock manages to close below this levels then the stock can drift to the levels of 205 to 210 where 500 Weekly SMA and 100 Monthly SMA is lying.

Resistance for the stock lies in the zone of 240 to 245 from where the stock has broken down in the month of Dec – 2015 and 100 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 260 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 210 – 215 on lower side to 245 – 250 on upper side.