EquityPandit’s Outlook for ICICI Bank for the week (August 17, 2015 – August 21, 2015):
ICICI Bank closed the week on negative note losing around 2.5%.
As we have mentioned last week that the stock is facing stiff resistance around the levels of 315 to 320 and stock hit a high of 314 and corrected to the levels of 290 before closing the week around the levels of 302.
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 285 to 290 where long term trend-line is positioned.
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 285 – 290 on lower side to 315 – 320 on upper side.