EquityPandit’s Outlook for ICICI Bank for the week  (July 31, 2017 – Aug 04, 2017) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 2.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 294 and close the week around the levels of 296.

Support for the stock lies in the zone of 293 to 295 where break out levels for the stock and short term moving averages are 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.

Minor resistance for the stock lies in the zone of 299 to 300. 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 284 – 286 on lower side & 305 – 307 on upper side.