EquityPandit’s Outlook for ICICI Bank for the week  (June 11, 2018 – June 15, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 0.30%.

As we have mentioned last week, that support for the stock lies in the zone of 285 to 288 where Fibonacci levels 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 270 to 275 where the stock has taken multiple support in the month of April-2018. During the week the stock manages to hit a low of 281 and close the week around the levels of 288.

Support for the stock lies in the zone of 275 to 280 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.

Minor resistance for the stock lies in the zone of 293 to 295. 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 are lying.

Broad range for the stock in the coming week can be 270 – 275 on lower side & 300 – 305 on upper side.