EquityPandit’s Outlook for ICICI Bank for week (August 10, 2015 – August 14, 2015):
ICICI Bank closed the week on positive note gaining around 3%.
As we have mentioned last week that 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 and the stock hit a high of 319.8 before retracing back to the levels of 310.
The stock has formed a triple top around the zone of 320. The stock has to sustain above the levels of 320 for couple of days to move forward towards the levels of 330 where 200 Daily SMA is positioned.
Support for the stock lies in the range of 300 to 305 where short term moving averages are lying.
Resistance for the stock lies in the range of 320 to 325 where the stock has formed a triple top formation on charts.
Broad range for the stock in the coming week can be 295 – 300 on lower side to 325 – 330 on upper side.