EquityPandit’s Outlook for ICICI Bank for the week  (Dec 17, 2018 – Dec 21, 2018) : 

ICICI BANK:

ICICI Bank closed the week on absolutely flat note.

As we have mentioned last week, that support for the stock lies in the zone of 343 to 347 from where the stock broke out of double top formed in the month of August-2018. If the stock manages to close below these levels then the stock can drift to the levels of 330 to 335 where Fibonacci levels and short term moving averages are lying. During the week the stock manages to hit a low of 336 and close the week around the levels of 352.

Support for the stock lies in the zone of 343 to 347 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 330 to 335 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 356 to 360. Resistance for the stock lies in the zone of 365 to 370 where trend-line joining earlier high is lying. If the stock manages to close above these levels then the stock can move to the levels of 375 to 380.

Broad range for the stock in the coming week can be 335 – 340 on lower side & 365 – 370 on upper side.