EquityPandit’s Outlook for ICICI Bank for the week  (Dec 31, 2018 – Jan 04, 2019) : 

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that support for the stock lies in the zone of 343 to 347 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 330 to 335 where Fibonacci levels and medium term moving averages are lying. During the week the stock manages to hit a low of 348 and close the week around the levels of 361.

Minor support for the stock lies in the zone of 352 to 355. Support for the stock lies in the zone of 343 to 347 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 330 to 335 where Fibonacci levels and medium term moving averages are lying.

Resistance for the stock lies in the zone of 365 to 370 where trend-line joining earlier high is lying. If the stock manages to close above these levels then the stock can move to the levels of 375 to 380.

Broad range for the stock in the coming week can be 345 – 350 on lower side & 375 – 380 on upper side.