EquityPandit’s Outlook for ICICI Bank for the week (March 06, 2017 – March 10, 2017) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.00%.

As we have mentioned last week that minor support for the stock lies in the zone of 278 to 280. Support for the stock lies in the zone of 270 to 272 where Fibonacci level and Neck-line of Inverse H & S pattern is lying. If the stock manages to close below these levels then the stock can drift to the levels of 263 to 265 where medium term moving averages and Fibonacci level is lying. During the week the stock manages to hit a low of 275 and close the week around the levels of 276.

Support for the stock lies in the zone of 271 to 273 where Fibonacci level and Neck-line of Inverse H & S pattern is lying. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 262 where 200 Daily SMA and Fibonacci level is lying.

Minor resistance for the stock lies in the zone of 279 to 280. Resistance for the stock lies in the zone of 283 to 285 where trend-line joining highs of 393, 298 and 292 is lying. If the stock manages to close above these levels then the stock can move to the levels of 298 to 300 where the stock top out in the month of November-2016.

Broad range for the stock in the coming week can be 268 – 270 on lower side & 283 – 285 on upper side.