EquityPandit’s Outlook for ICICI Bank for the week  (June 12, 2017 – June 16, 2017) :

ICICI BANK:

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

As we have mentioned last week that resistance for the stock lies in the zone of 319 to 321 from where the stock sold off in the month of July-2015 & August-2015. If the stock manages to close above these levels then the stock can move to the levels of 326 to 328 where Fibonacci levels are lying. During the week the stock manages to hit a high of 327 and close the week around the levels of 322.

Support for the stock lies in the zone of 312 to 315 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 305 to 307 from where the stock broke out after consolidation.

Resistance for the stock lies in the zone of 326 to 328 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 340 to 342 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 310– 312 on lower side & 330 – 332 on upper side.