EquityPandit’s Outlook for ICICI Bank for the week  (Sep 25, 2017 – Sep 29, 2017) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 5.00%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 295 to 297. Resistance for the stock lies in the zone of 300 to 302 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. During the week the stock manages to hit a high of 295 and close the week around the levels of 277.

Minor support for the stock lies in the zone of 275 to 276. Support for the stock lies in the zone of 269 to 271 where 200 daily moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 264 to 266 from where the index has broken out of 3 months of consolidation.

Minor resistance for the stock lies in the zone of 280 to 282. Resistance for the stock lies in the zone of 290 to 292 where short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 302 where the stock has formed a high in the month of August-2017.

Broad range for the stock in the coming week can be 264 – 266 on lower side & 290 – 292 on upper side.