EquityPandit’s Outlook for ICICI Bank for the week (March 14, 2017 – March 17, 2017) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 2.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 279 to 280. Resistance for the stock lies in the zone of 283 to 285 where trend-line joining highs of 393, 298 and 292 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 279 and close the week around the levels of 271.

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 260 to 262 where 200 Daily SMA and Fibonacci level is lying.

Minor resistance for the stock lies in the zone of 275 to 277. Resistance for the stock lies in the zone of 280 to 282 where trend-line joining highs of 393, 298 and 292 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 260 – 262 on lower side & 280 – 282 on upper side.