EquityPandit’s Outlook for ICICI Bank for the week  (Oct 30, 2017 – Nov 03, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 16.80%.

As we have mentioned last week, that support for the stock lies in the zone of 252 to 254 from where the stock has opened gap up on 04/05/2017. If the stock manages to close below these levels then the stock can drift to the levels of 239 to 241 where long term Fibonacci levels are lying. During the week the stock manages to hit a low of 255 and close the week around the levels of 301.

Support for the stock lies in the zone of 290 to 295 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 280 to 284 break out levels are lying.

Resistance for the stock lies in the zone of 310 to 314 where the stock has formed a double top pattern. If the stock manages to close above these levels then the stock can move to the levels of 325 to 330.

Broad range for the stock in the coming week can be 280 – 285 on lower side & 325 – 330 on upper side.