EquityPandit’s Outlook for ICICI Bank for week (July 27, 2015 – July 31, 2015):
ICICI Bank closed the week on negative note losing more than 5%.
As we have mentioned last week that the stock has formed a Shooting Star pattern on daily chart and the stock has to sustain above the levels of 321 for uptrend to continue, but during the week the stock hit a high of 319.8 and sold off to the levels of 300.
Since last 1 month the stock has been moving in the range of 300 on downside to 320 on upside. If the stock breaks below the levels of 300 the stock can move to the levels of 280 where long term trend-line is positioned.
The stock is trading below short term and medium term moving averages which is suggesting that any uptrend in the stock will be sold off.
Support for the stock lies in the range of 280 to 285 where trend-line support for the stock lies.
Resistance for the stock lies in the range of 315 to 320 where short term and medium term moving averages are lying.
Broad range for the stock in the coming week can be 305 – 310 on lower side to 325 – 330 on upper side.