EquityPandit’s Outlook for ICICI Bank for the week  (Aug 27, 2018 – Aug 31, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.00%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 343 and close the week around the levels of 330.

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.

Minor resistance for the stock lies around 335 to 338. 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 310 – 315 on lower side & 345 – 350 on upper side.