EquityPandit’s Outlook for ICICI Bank for the week (May 09, 2016 – May 13, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 7.70%.

As we have mentioned last week that support for the stock lies in the zone of 230 where 100 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 215 to 220 where short term bottom and short term moving averages are lying. During the week the stock manages to hit a low of 213 and close the week around the levels of 219.

Support for the stock lies in the zone of 205 to 210 where the stock has opened gap up on 02/03/2016. If the stock manages to close below these levels then the stock can drift to the levels of 180 where the stock has made a medium term bottom.

Resistance for the stock lies in the zone of 230 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 250 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 205 – 207 on lower side to 230 – 232 on upper side.