EquityPandit’s Outlook for ICICI Bank for the week (February 27, 2017 – March 03, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 0.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 284 to 286. Resistance for the stock lies in the zone of 288 to 290 where trend-line joining highs of 393 and 298 is lying. If the stock manages to close above these levels then the stock can move to the levels of 298 to 300 where the stock top out in the month of November-2016. During the week the stock manages to hit a high of 289 and close the week around the levels of 284.

Minor support for the stock lies in the zone of 278 to 280. Support for the stock lies in the zone of 270 to 272 where Fibonacci level and Neck-line of Inverse H & S pattern is lying. If the stock manages to close below these levels then the stock can drift to the levels of 263 to 265 where medium term moving averages and Fibonacci level is lying.

Resistance for the stock lies in the zone of 288 to 290 where trend-line joining highs of 393 and 298 is lying. If the stock manages to close above these levels then the stock can move to the levels of 298 to 300 where the stock top out in the month of November-2016.

Broad range for the stock in the coming week can be 276 – 278 on lower side & 292 – 294 on upper side.