EquityPandit’s Outlook for ICICI Bank for the week (April 25, 2016 – April 29, 2016):

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 4.90%.

As we have mentioned last week that the stock has closed around the strong resistance zone of 240 to 245 where 1000 Daily SMA and low of Dec– 2015 is lying. If the stock manages to close above these levels then the stock can move to the levels of 255 to 260 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 258 and close the week around the levels of 252.

Support for the stock lies in the zone of 240 to 245 where 1000 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 230 where 100 Daily SMA is lying.

The stock has closed around the strong resistance zone of 255 to 260 where 200 Daily SMA and 200 Weekly SMA are lying. If the stock manages to close above these levels then the stock can move to the levels of 265 to 270 from where the stock has sold off in the month of Dec – 2015.

Broad range for the stock in the coming week can be 235 – 240 on lower side to 260 – 265 on upper side.