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

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 4.10%.

As we have mentioned last week that support for the stock lies in the zone of 225 to 227 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 212 where the stock has made a bottom in the month of May – 2016. During the week the stock manages to hit a low of 229 and close the week around the levels of 240.

Minor support for the stock lies in the zone of 235 to 237 where short term moving averages are lying. Support for the stock lies in the zone of 225 to 227 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 212 where the stock has made a bottom in the month of May – 2016.

Resistance for the stock lies in the zone of 245 to 250 where 200 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 263 to 267.

Broad range for the stock in the coming week can be 225 – 228 on lower side to 252 – 255 on upper side.