EquityPandit’s Outlook for ICICI Bank for the week (August 29, 2016 – September 02, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.40%.

As we have mentioned last week that 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 where the stock has made a short term top. During the week the stock manages to hit a high of 255 and close the week around the levels of 245.

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 255 to 257. If the stock manages to close above these levels then the stock can move to the levels of 270 to 274 where the stock has made a short term top.

Broad range for the stock in the coming week can be 235 – 238 on lower side to 253 – 255 on upper side.