EquityPandit’s Outlook for ICICI Bank for the week (January 11, 2016 – January 15, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 6.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 243 and close the week around the levels of 245.

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.

Resistance for the stock lies in the zone of 255 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 230 – 235 on lower side to 255 – 260 on upper side.