EquityPandit’s Outlook for ICICI Bank for the week (November 28, 2016 – December 02, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 1.70%.

As we have mentioned last week that support for the stock lies in the zone of 260 to 262 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 242 where long term moving averages are lying. During the week the stock manages to hit a low of 255 and close the week around the levels of 260.

Support for the stock lies in the zone of 260 to 262 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 242 where long term moving averages are lying.

Minor resistance for the stock lies in the zone of 268 to 270. Resistance for the stock lies in the zone of 281 to 283 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 293 to 295 from where the stock has sold off in the month of October – 2015.

Broad range for the stock in the coming week can be 250 – 252 on lower side to 272 – 274 on upper side.