EquityPandit’s Outlook for ICICI Bank for the week  (July 30, 2018 – Aug 03, 2018) : 

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 10.30%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 295 and close the week around the levels of 293.

Support for the stock lies in the zone of 280 to 285 where Fibonacci levels and short & medium term moving averages are lying. 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.

Resistance for the stock lies in the zone of 300 to 303 where break down levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 315 to 320 where Fibonacci levels and high for the month of May-2018 is lying.

Broad range for the stock in the coming week can be 270 – 275 on lower side & 315 – 320 on upper side.