EquityPandit’s Outlook for ICICI Bank for the week  (April 24, 2017 – April 28, 2017) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 4.80%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 267 and close the week around the levels of 269.

Support for the stock lies in the zone of 266 to 268 where 200 Daily Moving average is lying. If the stock manages to close below these levels then the stock can drift to the levels 260 to 262 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 270 to 272 where Fibonacci level and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of around 275 to 277 from where the stock broke down with gap and short term moving averages are lying.

Broad range for the stock in the coming week can be 260- 262 on lower side & 280 – 282 on upper side.