EquityPandit’s Outlook for ICICI Bank for the week  (Apr 23, 2018 – Apr 27, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 2.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 287 to 291 from where the stock broke down from double bottom pattern and long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 where long term moving averages are lying. During the week the stock manages to hit a high of 295 and close the week around the levels of 282.

Minor support for the stock lies in the zone of 277 to 282. Support for the stock lies in the zone of 265 to 270 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 250 to 255 where the stock has formed a bottom in the month of October-2017.

Resistance for the stock lies in the zone of 287 to 291 from where the stock broke down from double bottom pattern and long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 where long term moving averages are lying.

Broad range for the stock in the coming week can be 260 – 265 on lower side & 300 – 305 on upper side.