EquityPandit’s Outlook for ICICI Bank for the week  (Nov 05, 2018 – Nov 09, 2018) : 

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 12.00%.

As we have mentioned last week, that resistance for the stock lies in the zone of 320 to 325 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 340 to 345 where the stock has formed a double top in the month of August-2018. During the week the stock manages to hit a high of 358 and close the week around the levels of 354.

Support for the stock lies in the zone of 340 to 345 from where the stock broke out of double top formed in the month of August-2018. If the stock manages to close below these levels then the stock can drift to the levels of 320 to 325 where short term moving averages and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 360 to 365 where life time high for the stock is lying. If the stock manages to close above these levels then the stock can move to the levels of 375 to 380.

Broad range for the stock in the coming week can be 325 – 330 on lower side & 375 – 380 on upper side.