EquityPandit’s Outlook for ICICI Bank for the week  (May 22, 2017 – May 26, 2017) :

ICICI BANK:

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

As we have mentioned last week that 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. During the week the stock manages to hit a high of 313 and close the week around the levels of 307.

Minor support for the stock lies in the zone of 300 to 302. Support for the stock lies in the zone of 293 to 295 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 282 to 284 where the stock has opened gap up.

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 290- 293 on lower side & 318 – 320 on upper side.