EquityPandit’s Outlook for ICICI Bank for the week (May 16, 2016 – May 20, 2016):

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 230 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 250 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 233 and close the week around the levels of 226.

Minor support for the stock lies in the zone of 218. Support for the stock lies in the zone of 205 to 210 where the stock has opened gap up on 02/03/2016. If the stock manages to close below these levels then the stock can drift to the levels of 180 where the stock has made a medium term bottom.

Resistance for the stock lies in the zone of 230 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 250 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 207 – 210 on lower side to 232 – 235 on upper side.