EquityPandit’s Outlook for ICICI Bank for the week (November 21, 2016 – November 25, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 4.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 270 to 272. Support for the stock lies in the zone of 262 to 264 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 255 to 257 where medium term moving averages are lying. During the week the stock manages to hit a low of 262 and close the week around the levels of 265.

Support for the stock lies in the zone of 260 to 262 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 242 where long term moving averages are lying.

Minor resistance for the stock lies in the zone of 272 to 274. Resistance for the stock lies in the zone of 281 to 283 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 293 to 295 from where the stock has sold off in the month of October – 2015.

Broad range for the stock in the coming week can be 250 – 252 on lower side to 272 – 274 on upper side.