EquityPandit’s Outlook for ICICI Bank for the week (January 02, 2017 – January 06, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 1.40%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 255 to 257. Resistance for the stock lies in the zone of 260 to 262 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 265 to 267 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 270 to 272. During the week the stock manages to hit a high of 257.50 and close the week around the levels of 255.

Support for the stock lies in the zone of 250 to 252 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 238 to 240 where the stock has taken support in the month of August-2016 and October-2016.

Minor resistance for the stock lies in the zone of 255 to 257. Resistance for the stock lies in the zone of 260 to 262 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 265 to 267 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 270 to 272 where the stock has formed a top in the month of December-2016.

Broad range for the stock in the coming week can be 245 – 248 on lower side to 262 – 265 on upper side.