EquityPandit’s Outlook for ICICI Bank for the week  (May 28, 2018 – June 01, 2018) : 

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that resistance for the stock lies in the zone of 290 to 295 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 303 where break out levels and long term moving averages are lying. During the week the stock manages to hit a high of 301 and close the week around the levels of 296.

Support for the stock lies in the zone of 285 to 290 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 275 where the stock has taken multiple support in the month of April-2018.

Resistance for the stock lies in the zone of 300 to 303 where break down levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 315 to 320 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 275 – 280 on lower side & 305 – 310 on upper side.