EquityPandit’s Outlook for ICICI Bank for the week (October 12, 2015 – October 16, 2015):
ICICI Bank closed the week on positive note gaining more than 7%.
As we have mentioned last week that resistance for the stock lies in the range of 285 to 290 where 500 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. During the week the stock manages to hit a high of 288 before closing the week around the levels of 286.
Support for the stock lies in the range of 275 to 280 where short term moving averages and 500 Daily SMA are positioned below which the stock can drift to the levels of around 265 where long term trend-line for the stock is positioned.
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.
Broad range for the stock in the coming week can be 270 – 275 on lower side to 300 – 310 on upper side.