EquityPandit’s Outlook for ICICI Bank for the week (September 06, 2016 – September 09, 2016) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 6.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 250. Resistance for the stock lies in the zone of 255 to 257. If the stock manages to close above these levels then the stock can move to the levels of 270 to 274 where the stock has made a short term top. During the week the stock manages to hit a high of 264 and close the week around the levels of 261.

Minor support for the stock lies in the zone of 254 to 256. Support for the stock lies in the zone of 248 to 250 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 243 to 245 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 270 to 274 where the stock has made a short term top. If the stock manages to close above these levels then the stock can move to the levels of 282 to 284 where long term weekly moving averages are lying.

Broad range for the stock in the coming week can be 250 – 252 on lower side to 270 – 272 on upper side.