EquityPandit’s Outlook for ICICI Bank for the week  (May 07, 2018 – May 11, 2018) : 

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 287 to 291 from where the stock broke down from double bottom pattern and long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 where long term moving averages are lying. During the week the stock manages to hit a high of 291 and close the week around the levels of 283.

Minor support for the stock lies in the zone of 277 to 280. Support for the stock lies in the zone of 265 to 270 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 250 to 255 where the stock has formed a bottom in the month of October-2017.

Resistance for the stock lies in the zone of 287 to 291 from where the stock broke down from double bottom pattern and long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 where long term moving averages are lying.

Broad range for the stock in the coming week can be 265 – 270 on lower side & 300 – 305 on upper side.