EquityPandit’s Outlook for ICICI Bank for the week (September 21, 2015 – September 25, 2015):
ICICI Bank closed the week on positive note gaining around 4%.
As we have mentioned last week that 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. The stock manages to hit a high of 285.35 on 18/09/2015 and sold off to close the week around the levels of 277.85.
Strong support for the stock lies in the range of 260 to 265 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 285 to 290 where 1000 Daily and 100 Weekly SMA are positioned. If the stock manages to move above this levels the stock can move to the levels of 300 where 100 Daily SMA is positioned.
Broad range for the stock in the coming week can be 250 – 260 on lower side to 290 – 300 on upper side.