EquityPandit’s Outlook for ICICI Bank for the week  (Aug 20, 2018 – Aug 24, 2018) : 

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that support for the stock lies in the zone of 315 to 320 where Fibonacci levels and high for the month of May-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 303 to 305 from where the stock broke out of June-2018 high and long term moving averages are lying. During the week the stock manages to hit a low of 322 and close the week around the levels of 340.

Support for the stock lies in the zone of 315 to 320 where Fibonacci levels and high for the month of May-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 303 to 305 from where the stock broke out of June-2018 high and long term moving averages are lying.

Resistance for the stock lies in the zone of 345 to 350 from where the stock broke down in the month of February-2018. If the stock manages to close above these levels then the stock can move to the levels of 365 to 370 where the stock has formed a high in the month of January-2018.

Broad range for the stock in the coming week can be 315 – 320 on lower side & 350 – 355 on upper side.