EquityPandit’s Outlook for ICICI Bank for the week (August 31, 2015 – September 04, 2015):
ICICI Bank closed the week on negative note losing around 4%.
As we have mentioned last week that 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. The stock hit a low of 267 during the week and bounce back to the levels of 283.
The stock has formed a Hammer pattern on weekly charts.
If the stock manages to close above the levels of 290 the stock can move to the levels of 305 to 310 where 100 Daily SMA is lying.
Strong support for the stock lies in the range of 250 to 260 where long term trend-line, 500 Daily SMA and downward sloping trend-line are positioned.
Broad range for the stock in the coming week can be 250 – 260 on lower side to 300 – 310 on upper side.