EquityPandit’s Outlook for ICICI Bank for the week (October 24, 2016 – October 28, 2016) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 14.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 246 and close the week around the levels of 277.

Minor support for the stock lies in the zone of 269 to 271. 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 stock can drift to the levels of 250 to 252 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 281 to 283 where 500 Daily SMA and top made in the month of September – 2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 293 to 295 from where the stock has sold off in the month of October – 2015.

Broad range for the stock in the coming week can be 265 – 268 on lower side to 288 – 290 on upper side.