EquityPandit’s Outlook for ICICI Bank for the week  (Aug 21, 2017 – Aug 25, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 2.10%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 298 and close the week around the levels of 293.

Minor support for the stock lies in the zone of 288 to 290. Support for the stock lies in the zone of 282 to 284 where Fibonacci level and 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 295 to 297 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 302 to 305 where the stock has sold off.

Broad range for the stock in the coming week can be 282 – 284 on lower side & 305 – 307 on upper side.