EquityPandit’s Outlook for ICICI Bank for the week  (May 02, 2017 – May 05, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.50%.

As we have mentioned last week that support for the stock lies in the zone of 266 to 268 where 200 Daily Moving average is lying. If the stock manages to close below these levels then the stock can drift to the levels 260 to 262 where Fibonacci levels are lying. During the week the stock manages to hit a low of 265 and close the week around the levels of 278.

Minor support for the stock lies in the zone of 275 to 276. Support for the stock lies in the zone of 270 to 272 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels 265 to 267 where 200 Daily Moving average is lying.

Minor resistance for the stock lies in the zone of 279 to 281. Resistance for the stock lies in the zone of 285 to 287 where the stock is facing resistance. If the stock manages to close above these levels then the stock can move to the levels of around 290 to 292.

Broad range for the stock in the coming week can be 265- 268 on lower side & 288 – 290 on upper side.