EquityPandit’s Outlook for ICICI Bank for the week (August 08, 2016 – August 12, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 6.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 258 to 261 from where the stock has broken out of short term top. Support for the stock lies in the zone of 245 to 250 where short term moving averages and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where the stock has made a bottom in the month of June – 2016. During the week the stock made a high of 261 below the support zone and close the week around 246.

Support for the stock lies in the zone of 237 to 240 where medium term moving averages and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 220 to 222 where the stock has made a short term bottom in the month of June – 2016.

Minor resistance for the stock lies in the zone of 250. Resistance for the stock lies in the zone of 258 to 260. If the stock manages to close above these levels then the stock can move to the levels of 270 to 274 from where the stock has made a short term top.

Broad range for the stock in the coming week can be 235 – 237 on lower side to 255 – 258 on upper side.