EquityPandit’s Outlook for ICICI Bank for the week (October 17, 2016 – October 21, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 3.50%.

As we have mentioned last week that the stock has closed around the support 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. During the week the stock manages to hit a low of 239 and close the week around the levels of 242.

Support for the stock lies in the zone of 237 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 from where the stock has bounced in the month of June – 2016.

Resistance for the stock lies in the zone of 248 to 251 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 257 to 260.

Broad range for the stock in the coming week can be 230 – 232 on lower side to 248 – 250 on upper side.