EquityPandit’s Outlook for ICICI Bank for the week  (April 17, 2017 – April 21, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 2.00%.

As we have mentioned last week that support for the stock lies in the zone of 274 to 275 where Neck-line of Inverse H & S pattern and short term moving averages are lying. Support for the stock lies in the zone of 270 to 272 where medium term moving averages and Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 266 to 268. During the week the stock manages to hit a low of 276 and close the week around the levels of 283.

Minor support for the stock lies in the zone of 278 to 280. Support for the stock lies in the zone of 274 to 275 where Neck-line of Inverse H & S pattern and short term moving averages are lying. Support for the stock lies in the zone of 270 to 272 where medium term moving averages and Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 266 to 268.

Minor resistance for the stock lies in the zone of 285 to 286. Resistance for the stock lies in the zone of 288 to 290 where the stock is facing resistance. If the stock manages to close above these levels then the stock can move to the levels of around 298 to 300 where the stock has hit a high in the month of November-2016.

Broad range for the stock in the coming week can be 274 – 276 on lower side & 290 – 292 on upper side.