EquityPandit’s Outlook for ICICI Bank for the week  (Aug 28, 2017 – Sep 01, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that resistance for the stock lies in the zone of 295 to 297 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 302 to 305 where the stock has sold off. During the week the stock manages to hit a high of 300 and close the week around the levels of 298.

Minor support for the stock lies in the zone of 293 to 295. Support for the stock lies in the zone of 282 to 284 where Fibonacci level and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 272 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 302 to 305 where the stock has sold off. If the stock manages to close above these levels then the stock can move to the levels of 310 to 312 where the stock has formed a high in the month of July-2017.

Broad range for the stock in the coming week can be 290 – 292 on lower side & 310 – 312 on upper side.