EquityPandit’s Outlook for ICICI Bank for the week (May 02, 2016 – May 06, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 6.00%.

As we have mentioned last week that support for the stock lies in the zone of 240 to 245 where 1000 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 230 where 100 Daily SMA is lying. During the week the stock manages to hit a low of 231 and close the week around the levels of 237.

Support for the stock lies in the zone of 230 where 100 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 215 to 220 where short term bottom and short term moving averages are lying.

Resistance for the stock lies in the zone of 250 where 1000 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 255 to 260 where 200 Daily SMA and 200 Weekly SMA are lying.

Broad range for the stock in the coming week can be 220 – 225 on lower side to 250 – 255 on upper side.