EquityPandit’s Outlook for ICICI Bank for the week  (Sep 10, 2018 – Sep 14, 2018) : 

ICICI BANK:

ICICI Bank closed the week on negative note losing around 2.20%.

As we have mentioned last week, that minor support for the stock lies around 335 to 338. Support for the stock lies in the zone of 315 to 320 where Fibonacci levels and high for the month of May-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 303 to 305 from where the stock broke out of June-2018 high and long term moving averages are lying. During the week the stock manages to hit a low of 322 and close the week around the levels of 335.

Minor support for the stock lies around 330 to 335. Support for the stock lies in the zone of 315 to 320 where Fibonacci levels and high for the month of May-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 303 to 305 from where the stock broke out of June-2018 high and long term moving averages are lying.

Resistance for the stock lies in the zone of 345 to 350 where the stock has formed a double top in the month of August-2018. If the stock manages to close above these levels then the stock can move to the levels of 365 to 370 where the stock has formed a high in the month of January-2018.

Broad range for the stock in the coming week can be 315 – 320 on lower side & 350 – 355 on upper side.