EquityPandit’s Outlook for ICICI Bank for the week (June 20, 2016 – June 24, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 5.60%.

As we have mentioned last week that support for the stock lies in the zone of 240 o 245 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where short term moving averages and 100 Daily SMA is lying. During the week the stock manage to hit a low of 235 and close the week around the levels of 238.

Support for the stock lies in the zone of 225 to 230 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 212 where the stock has made a bottom in the month of May – 2016.

Minor resistance for the stock lies in the zone of 245 to 250. Resistance for the stock lies in the zone of 250 to 255 where 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 263 to 267.

Broad range for the stock in the coming week can be 225 – 228 on lower side to 252 – 255 on upper side.