EquityPandit’s Outlook for ICICI Bank for the week  (Mar 12, 2018 – Mar 16, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 4.00%.

As we have mentioned last week, that support for the stock lies in the zone of 300 to 305 where long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 280 to 285 where the stock has opened gap up. During the week the stock manages to hit a low of 285 and close the week around the levels of 292.

Support for the stock lies in the zone of 280 to 285 where the stock has opened gap up. If the stock manages to close below these levels then the stock can drift to the levels of 265 to 270 where long term Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 300 to 305. Resistance for the stock lies in the zone of 315 to 320 from where the stock broke down from double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 340 to 345 from where the stock broke down after consolidation.

Broad range for the stock in the coming week can be 270 – 275 on lower side & 315 – 320 on upper side.