EquityPandit’s Outlook for ICICI Bank for the week  (July 17, 2017 – July 21, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 2.80%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 291 to 293. Resistance for the stock lies in the zone of 298 to 300 where the stock has formed a top in the month of May-2017. If the stock manages to close above these levels then the stock can move to the levels of 308 to 310. During the week the stock manages to hit a high of 305 and close the week around the levels of 298.

Support for the stock lies in the zone of 293 to 295 where break out levels for the stock is lying. If the stock manages to close below these levels then the stock can drift to the levels of 284 to 286 where long term Fibonacci levels are lying.

Resistance for the stock lies in the zone of 298 to 300 where the stock has formed a top in the month of May-2017. If the stock manages to close above these levels then the stock can move to the levels of 308 to 310.

Broad range for the stock in the coming week can be 290 – 292 on lower side & 308 – 310 on upper side.