EquityPandit’s Outlook for ICICI Bank for the week  (May 08, 2017 – May 12, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 7.20%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 271 and close the week around the levels of 299.

Minor support for the stock lies in the zone of 290 to 292. Support for the stock lies in the zone of 282 to 284 where the stock has opened gap up. If the stock manages to close below these levels then the stock can drift to the levels of 275 to 277 from where the stock broke out of declining trend-line resistance.

Minor resistance for the stock lies in the zone of 303 to 305. Resistance for the stock lies in the zone of 312 to 315 where long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 319 to 321 from where the stock sold off in the month of July-2015 & August-2015.

Broad range for the stock in the coming week can be 288- 290 on lower side & 308 – 310 on upper side.