EquityPandit’s Outlook for ICICI Bank for the week  (July 16, 2018 – July 20, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 0.80%.

As we have mentioned last week, that support for the stock lies in the zone of 270 to 275 where the stock has taken multiple support in the month of April-2018. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 265 where Fibonacci levels are lying. During the week the stock manages to hit a low of 266 and close the week around the levels of 268.

Support for the stock lies in the zone of 260 to 265 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 245 where Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 272 to 275. Resistance for the stock lies in the zone of 285 to 290 where Fibonacci levels and short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 303 where break down levels and long term moving averages are lying.

Broad range for the stock in the coming week can be 250 – 255 on lower side & 280 – 285 on upper side.