EquityPandit’s Outlook for ICICI Bank for the week (January 16, 2017 – January 20, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.80%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 260 to 262. Resistance for the stock lies in the zone of 265 to 267 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 270 to 272 where the stock has formed a top in the month of December-2016. During the week the stock manages to hit a high of 270 and close the week around the levels of 268.

Support for the stock lies in the zone of 262 to 264 from where the stock broke out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 253 to 255 where 200 Daily SMA and Fibonacci ratios are lying.

Resistance for the stock lies in the zone of 270 to 272 where the stock has formed a top in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 278 to 280 levels.

Broad range for the stock in the coming week can be 258 – 260 on lower side to 278 – 280 on upper side.