EquityPandit’s Outlook for ICICI Bank for the week (January 18, 2016 – January 22, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 8.40%.

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 221.75 and close the week around the levels of 225.

Support for the stock lies in the zone 210 where 100 Monthly SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 190 to 200 where 500 Weekly SMA and the stock has made a bottom on 07/02/2014 from where the stock has rallied to the levels of 393.

Resistance for the stock lies in the zone of 245 to 250 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 255 from where the stock has broken down from the Head & Shoulder pattern.

Broad range for the stock in the coming week can be 200 – 205 on lower side to 240 – 245 on upper side.