EquityPandit’s Outlook for ICICI Bank for the week (February 06, 2017 – February 10, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.50%.

As we have mentioned last week that minor support for the stock lies in the zone of 267 to 268. Support for the stock lies in the zone of 262 to 264 from where the stock broke out on intraday basis and Fibonacci ratio is lying. If the stock manages to close below these levels then the stock can drift to the levels of 253 to 255 where 200 Daily SMA and Fibonacci ratios are lying. During the week the stock manages to hit a low of 263 and close the week around the levels of 282.

Minor support for the stock lies in the zone of 275 to 277. Support for the stock lies in the zone of 270 to 272 where Fibonacci level and Neck-line of Inverse H & S pattern is lying. If the stock manages to close below these levels then the stock can drift to the levels of 262 to 264 where medium term moving averages and Fibonacci level is lying.

Minor resistance for the stock lies in the zone of 284 to 286. Resistance for the stock lies in the zone of 288 to 290 where trend-line joining highs of 393 and 298 is lying. If the stock manages to close above these levels then the stock can move to the levels of 298 to 300 where the stock top out in the month of November-2016.

It seems the stock is forming a Inverse H & S pattern with neckline around 271 to 272 levels. If the stock manages to close above these levels with volume then medium term target of the stock can be in the range of 298 where the stock has formed a top in the month of November-2016.

Broad range for the stock in the coming week can be 270 – 272 on lower side to 290 – 292 on upper side.