EquityPandit’s Outlook for ICICI Bank for the week (June 27, 2016 – July 01, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.10%.

As we have mentioned last week that support for the stock lies in the zone of 225 to 230 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 212 where the stock has made a bottom in the month of May – 2016. During the week the stock manages to hit a low of 221 and close the week around the levels of 231.

Support for the stock lies in the zone of 225 to 227 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 212 where the stock has made a bottom in the month of May – 2016.

Minor resistance for the stock lies in the zone of 235 to 237 where short term moving averages are 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 218 – 220 on lower side to 242 – 245 on upper side.