EquityPandit’s Outlook for ICICI Bank for the week  (May 29, 2017 – June 02, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 4.70%.

As we have mentioned last week that 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 323 and close the week around the levels of 321.

Minor support for the stock lies in the zone of 317 to 318. Support for the stock lies in the zone of 312 to 315 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 305 to 307 from where the stock broke out after consolidation.

Resistance for the stock lies in the zone of 319 to 321 from where the stock sold off in the month of July-2015 & August-2015. If the stock manages to close above these levels then the stock can move to the levels of 326 to 328 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 312– 314 on lower side & 328 – 330 on upper side.