EquityPandit’s Outlook for ICICI Bank for the week (December 14, 2015 – December 18, 2015):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 4.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 265 to 270 where long term trend-line resistance for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 280 where 100 Daily SMA and upward sloping trend-line for the stock is positioned. During the week the stock manages to hit a high of 264.55 and sold off to the levels of 250.

Support for the stock lies in the zone of 240 to 245 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of around 210 where 100 Monthly SMA is lying.

Resistance for the stock lies in the zone of 265 to 270 where long term trend-line resistance for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 280 where 100 Daily SMA and upward sloping trend-line for the stock is positioned.

Broad range for the stock in the coming week can be 235 – 240 on lower side to 260 – 265 on upper side.