EquityPandit’s Outlook for ICICI Bank for the week (November 02, 2015 – November 06, 2015):
ICICI Bank closed the week on negative note losing around 3.2%.
As we have mentioned last week that resistance for the stock lies in the zone of 290 to 300 where trend-line resistance and 100 Daily SMA are positioned. If the stock manages to close above the levels of 300 then the stock can move to the levels of 315 where 200 Daily SMA is positioned. During the week the stock manages to hit a high of 290 and close the week around the levels of 277.
Support for the stock lies around the levels of 270 where trend-line joining recent lows are positioned. If the stock closes below this levels then the stock can drift to the levels of 265 where long term support for the stock is lying.
Resistance for the stock lies in the zone of 285 to 290 where trend-line resistance and 500 Daily SMA and 100 Weekly SMA are positioned. If the stock manages to close above the levels of 290 then the stock can move to the levels of 310 where 200 Daily SMA is positioned.
Broad range for the stock in the coming week can be 260 – 265 on lower side to 290 – 295 on upper side.