EquityPandit’s Outlook for ICICI Bank for the week (December 05, 2016 – December 09, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 0.20%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 268 to 270. 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. During the week the stock manages to hit a high of 268 and close the week around the levels of 260.

Support for the stock lies in the zone of 254 to 256 from where the stock has bounced couple of times in last week of November-2016. If the stock manages to close below these levels then the stock can drift to the levels of 245 to 247 from where the stock has bounced on 09/11/2016.

Minor resistance for the stock lies in the zone of 264 to 268. 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 245 – 247 on lower side to 272 – 274 on upper side.