EquityPandit’s Outlook for ICICI Bank for the week  (May 14, 2018 – May 18, 2018) : 

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 10.00%.

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 315 and close the week around the levels of 311.

Support for the stock lies in the zone of 300 to 303 where break out levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 290 to 295 where Fibonacci levels and short term moving averages are lying.

Resistance for the stock lies in the zone of 315 to 320 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 330 to 335 from where the stock has broken down in the month of February-2018.

Broad range for the stock in the coming week can be 290 – 295 on lower side & 325 – 330 on upper side.