EquityPandit’s Outlook for ICICI Bank for the week  (Oct 01, 2018 – Oct 05, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.60%.

As we have mentioned last week, that support for the stock lies in the zone of 315 to 320 where Fibonacci levels and high for the month of May-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 303 to 305 from where the stock broke out of June-2018 high and long term moving averages are lying. During the week the stock manages to hit a low of 300 and close the week around the levels of 306.

Support for the stock lies in the zone of 303 to 305 from where the stock broke out of June-2018 high and long & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 285 to 290 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 315 to 320 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 335 to 340 where the stock has formed a double top in the month of August-2018.

Broad range for the stock in the coming week can be 285 – 290 on lower side & 320 – 325 on upper side.