EquityPandit’s Outlook for ICICI Bank for the week (January 04, 2016 – January 08, 2016):

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 2.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 256 from where the stock has broken down from the Head & Shoulder pattern. If the stock manages to close above this levels then the stock can move to the levels of 265 to 270 where long term trend-line resistance for the stock is positioned. During the week the stock manages to hit a high of 266.5 and close the week around the levels of 263.

Support for the stock lies in the zone of 245 to 250 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of around 210 where 100 Monthly SMA is lying.

The stock has closed around the resistance zone of 256 from where the stock has broken down from the Head & Shoulder pattern. If the stock manages to sustain above this levels then the stock can move to the levels of 265 to 270 where long term trend-line resistance for the stock is positioned.

Broad range for the stock in the coming week can be 250 – 255 on lower side to 270 – 275 on upper side.