EquityPandit’s Outlook for ICICI Bank for the week  (Aug 14, 2017 – Aug 18, 2017) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.10%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 300 to 301. Resistance for the stock lies in the zone of 304 to 306 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 310 to 314 where the stock has formed a top in the month of July-2017. During the week the stock manages to hit a high of 303 and close the week around the levels of 287.

Support for the stock lies in the zone of 279 to 281 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 272 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 289 to 291 from where the stock has broken down from the July-2017 low. If the stock manages to close above these levels then the stock can move to the levels of 298 to 300 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 272 – 274 on lower side & 300 – 302 on upper side.