EquityPandit’s Outlook for ICICI Bank for the week (February 15, 2016 – February 19, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 8.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 190 and close the week around the levels of 194.

Support for the stock lies in the zone 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. If the stock manages to close below this levels then the stock can drift to the levels of 150 where the stock has made a bottom in the month of August – 2013 and rallied.

Resistance for the stock lies in the zone of 200 to 205 where 500 Weekly SMA and 100 Monthly SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 215 to 220 from where the stock has broken down the lows of Jan – 2016.

Broad range for the stock in the coming week can be 180 – 185 on lower side to 205 – 210 on upper side.