EquityPandit’s Outlook for ICICI Bank for the week (September 12, 2016 – September 16, 2016) :

ICICI BANK:

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

As we have mentioned last week that resistance for the stock lies in the zone of 270 to 274 where the stock has made a short term top. If the stock manages to close above these levels then the stock can move to the levels of 282 to 284 where long term weekly moving averages are lying. During the week the stock manages to hit a high of 284 and close the week around the levels of 274.

Minor support for the stock lies in the zone of 265 to 268. Support for the stock lies in the zone of 255 to 257 where short term moving averages are lying. If the stock manages to close below these levels then the index can drift to the levels of 248 to 250 where medium term moving averages are lying.

The stock has closed around the resistance zone of 270 to 274 where the stock has made a short term top. If the stock manages to close above these levels then the stock can move to the levels of 282 to 284 where long term weekly moving averages are lying.

Broad range for the stock in the coming week can be 260 – 262 on lower side to 282 – 284 on upper side.