EquityPandit’s Outlook for ICICI Bank for the week  (Oct 22, 2018 – Oct 26, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 1.20%.

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 328 and close the week around the levels of 315.

Support for the stock lies in the zone of 300 to 303 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 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.

Broad range for the stock in the coming week can be 295 – 300 on lower side & 330 – 335 on upper side.