EquityPandit’s Outlook for ICICI Bank for the week (August 01, 2016 – August 05, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 0.20%.

As we have mentioned last week that Minor support for the stock lies in the zone of 258 to 261 from where the stock has broken out of short term top. Support for the stock lies in the zone of 245 to 250 where short term moving averages and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where the stock has made a bottom in the month of June – 2016. During the week the stock manages to hit a low of 260 and close the week around the levels of 263.

Minor support for the stock lies in the zone of 258 to 261 from where the stock has broken out of short term top. Support for the stock lies in the zone of 245 to 250 where short term moving averages and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where the stock has made a bottom in the month of June – 2016.

Resistance for the stock lies in the zone of 267 to 270 from where the stock has sold off in the month of Dec – 2015. If the stock manages to close above these levels then the stock can move to the levels of 277 to 280.

Broad range for the stock in the coming week can be 247 – 250 on lower side to 275 – 277 on upper side.