EquityPandit’s Outlook for ICICI Bank for week (August 03, 2015 – August 07, 2015):
ICICI Bank closed the week on absolutely flat note.
As we have been suggesting since last 2 weeks that the stock has very important support around the levels of 280 where long term trend-line support and 100 Weekly SMA is lying and this week also the stock took support around the levels of 282 and bounce to the levels of 309.
On 31/07/2015, after the quarterly results the stock moved northwards but could not sustain above the trend-line resistance positioned around the levels of 310.
The stock has formed a Hammer pattern on weekly charts in downtrend indicating the trend reversal. If the stock manages to sustain above the zone of 310 to 312 the stock can move to the levels of 325 where 200 Daily SMA is lying.
Support for the stock lies in the range of 290 to 295 where short term moving averages and trend-line support for the stock lies.
Broad range for the stock in the coming week can be 285 – 290 on lower side to 325 – 330 on upper side.