EquityPandit’s Outlook for ICICI Bank for the week (December 19, 2016 – December 23, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 4.50%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 255 and close the week around the levels of 256.

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.

Minor resistance for the stock lies in the zone of 260 to 262 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 265 to 267 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 270 to 272.

Broad range for the stock in the coming week can be 248 – 250 on lower side to 266 – 268 on upper side.