EquityPandit’s Outlook for ICICI Bank for the week (October 03, 2016 – October 07, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 7.00%.

As we have mentioned last week that minor support for the stock lies in the zone of 265 to 267. Support for the stock lies in the zone of 260 to 262 where short term moving averages are lying. If the stock manages to close below these levels then the index can drift to the levels of 248 to 250 where medium term moving averages are lying. During the week the stock opened below the support zone and drifted lower towards the levels of 243 and close the week around the levels of 252.

Support for the stock lies in the zone of 248 to 250 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 236 to 240 where 200 Daily SMA is lying. If the stock closes below these levels then the stock can drift to the levels of 220 to 222.

Resistance for the stock lies in the zone of 260 to 262 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 268 to 270.

Broad range for the stock in the coming week can be 236 – 238 on lower side to 260 – 262 on upper side.