EquityPandit’s Outlook for ICICI Bank for the week (August 24, 2015 – August 28, 2015):
ICICI Bank closed the week on negative note losing around 2%.
As we have mentioned last week that the stock has a strong support in the range of 285 to 290 and the stock hit a low of 288.6 and bounce to the levels of 296.5.
The stock has been moving in the range of 280 on downside to 320 on upside since the month of June – 2015. If the stock breaks below the levels of 280 on closing basis then the stock can move to the levels of 250 to 260.
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 305 to 310 where short term & 100 Daily SMA are positioned.
Broad range for the stock in the coming week can be 280 – 285 on lower side to 310 – 315 on upper side.