EquityPandit’s Outlook for ICICI Bank for the week  ( Jan 01, 2018 – Jan 05, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 0.80%.

As we have mentioned last week, that resistance for the stock lies in the zone of 318 to 322 where break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 325 to 330 from where the stock has sold off in the month of March-2015. During the week the stock manages to hit a high of 319 and close the week around the levels of 314.

Minor support for the stock lies in the zone of 312 to 314. Support for the stock lies in the zone of 304 to 306 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 284 to 286 where the stock has opened gap up and long term moving averages are lying.

Resistance for the stock lies in the zone of 320 to 322 where break down levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 325 to 330 where the stock has formed a top in the month of November-2017.

Broad range for the stock in the coming week can be 300 – 305 on lower side & 325 – 330 on upper side.