EquityPandit’s Outlook for ICICI Bank for the week (October 05, 2015 – October 09, 2015):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 0.5%.

As we have mentioned last week that strong support for the stock lies in the range of 260 to 265 where long term trend-line and downward sloping trend-line are positioned below which the stock can drift to the levels of around 220. During the week the stock manages to hit a low of 256 and bounce to close the week around the levels of 267.

Resistance for the stock lies in the range of 285 to 290 where 500 Daily and 100 Weekly SMA are positioned. If the stock manages to move above this levels the stock can move to the levels of 300 where 100 Daily SMA is positioned.

Support for the stock lies in the range of 255 to 260 where long term trend-line and downward sloping trend-line are positioned below which the stock can drift to the levels of around 235 where 1000 Daily and 200 Weekly SMA are positioned.

The stock has formed a Hammer pattern on Weekly charts in a downtrend indicating the trend reversal. If the stock manages to close above the levels of 275 the stock can move to the levels of 290.

Broad range for the stock in the coming week can be 250 – 260 on lower side to 290 – 300 on upper side.