EquityPandit’s Outlook for ICICI Bank for the week  (Jan 28, 2019 – Feb 1, 2019) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 4.00%.

As we have mentioned last week, that support for the stock lies in the zone of 365 to 370 from where the stock broke out of December-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 352 to 355 where Fibonacci levels and short term moving averages are lying. During the week the stock manages to hit a low of 355 and close the week around the levels of 357.

Support for the stock lies in the zone of 350 to 355 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 340 to 345 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 365 to 370 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 375 to 380 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 340 – 345 on lower side & 370 – 375 on upper side.