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

ICICI BANK:

ICICI Bank closed the week on negative note losing around 1.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 245 to 250 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 255 from where the stock has broken down from the Head & Shoulder pattern. During the week the stock manages to hit a high of 240 and retraced to close the week around the levels of 229.

Support for the stock lies in the zone 210 to 220 where 100 Monthly SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 190 to 200 where 500 Weekly SMA and the stock has made a bottom on 07/02/2014 from where the stock has rallied to the levels of 393.

Resistance for the stock lies in the zone of 245 to 250 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 255 from where the stock has broken down from the Head & Shoulder pattern.

Broad range for the stock in the coming week can be 215 – 220 on lower side to 245 – 250 on upper side.