EquityPandit’s Outlook for ICICI Bank for the week  (May 21, 2018 – May 25, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 8.00%.

As we have mentioned last week, that resistance for the stock lies in the zone of 315 to 320 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 330 to 335 from where the stock has broken down in the month of February-2018. During the week the stock manages to hit a high of 317 and close the week around the levels of 286.

Support for the stock lies in the zone of 270 to 275 where the stock has taken multiple support in the month of April-2018. If the stock manages to close below these levels then the stock can drift to the levels of 262 to 268 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 290 to 295 where Fibonacci levels and short 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 303 where break out levels and long term moving averages are lying.

Broad range for the stock in the coming week can be 265 – 270 on lower side & 305 – 310 on upper side.