EquityPandit’s Outlook for ICICI Bank for the week  (July 24, 2017 – July 28, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 1.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 296 and close the week around the levels of 302.

Minor support for the stock lies in the zone of 299 to 300. 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 304 to 306 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of 310 to 312 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 290 – 292 on lower side & 310 – 312 on upper side.