EquityPandit’s Outlook for ICICI Bank for the week (December 12, 2016 – December 16, 2016) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.40%.

As we have mentioned last week that support for the stock lies in the zone of 254 to 256 from where the stock has bounced couple of times in last week of November-2016. If the stock manages to close below these levels then the stock can drift to the levels of 245 to 247 from where the stock has bounced on 09/11/2016. During the week the stock manages to hit a low of 251 and close the week around the levels of 268.

Minor support for the stock lies in the zone of 260 to 262 on intraday basis. Support for the stock lies in the zone of 254 to 256 from where the stock has bounced couple of times in last week of November-2016. If the stock manages to close below these levels then the stock can drift to the levels of 245 to 247 from where the stock has bounced on 09/11/2016.

Resistance for the stock lies in the zone of 277 to 280 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 293 to 295 from where the stock has sold off in the month of October – 2015.

Broad range for the stock in the coming week can be 252 – 255 on lower side to 280 – 282 on upper side.