EquityPandit’s Outlook for ICICI Bank for the week (June 13, 2016 – June 17, 2016):

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 250 to 255 where 200 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 to 265. During the week the stock manages to hit a high of 261 and close the week around the levels of 253.

Support for the stock lies in the zone of 240 o 245 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where short term moving averages and 100 Daily SMA is lying.

Resistance for the stock lies in the zone of 250 to 255 where 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 263 to 267.

Broad range for the stock in the coming week can be 235 – 240 on lower side to 265 – 270 on upper side.