EquityPandit’s Outlook for ICICI Bank for the week  (Oct 23, 2017 – Oct 27, 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 275 to 277. Resistance for the stock lies in the zone of 280 to 282 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 290 to 292 where short & medium term moving averages are lying. During the week the stock manages to hit a high of 277 and close the week around the levels of 258.

Support for the stock lies in the zone of 252 to 254 from where the stock has opened gap up on 04/05/2017. If the stock manages to close below these levels then the stock can drift to the levels of 239 to 241 where long term Fibonacci levels are lying.

Resistance for the stock lies in the zone of 260 to 262 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 270 to 272 where long term moving averages are lying.

Broad range for the stock in the coming week can be 248 – 250 on lower side & 270 – 272 on upper side.