EquityPandit’s Outlook for ICICI Bank for the week (September 14, 2015 – September 18, 2015):
ICICI Bank closed the week on positive note gaining around 4%.
As we have mentioned last week that if the stock breaks below the levels of 250 the stock can drift to the levels of 225 where 1000 Daily SMA is positioned, but the stock manages to hold the levels of 250 on closing basis.
Strong support for the stock lies in the range of 250 to 260 where long term trend-line and downward sloping trend-line are positioned below which the stock can drift to the levels of around 220.
Resistance for the stock lies in the range of 270 to 275 where trend-line for the stock is positioned. If the stock manages to close above the levels of 275, the stock can move to the levels of 290.
Broad range for the stock in the coming week can be 240 – 250 on lower side to 280 – 290 on upper side.