EquityPandit’s Outlook for ICICI Bank for the week (November 09, 2015 – November 13, 2015):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.7%.

As we have mentioned last week that support for the stock lies around the levels of 270 where trend-line joining recent lows are positioned. If the stock closes below this levels then the stock can drift to the levels of 265 where long term support for the stock is lying. During the week the stock manages to hit a low of 265 and close the week around the levels of 267.

Support for the stock lies around the levels of 265 where long term support for the stock is lying. If the stock breaks below this level on closing basis then the stock can drift to the levels of 240 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 275 to 277 where upward moving trend-line is positioned. If the stock manages to close above this level then the stock can move to the levels of 290 where 500 & 100 Daily SMA are positioned.

Broad range for the stock in the coming week can be 255 – 260 on lower side to 285 – 290 on upper side.