EquityPandit’s Outlook for ICICI Bank for the week (November 16, 2015 – November 20, 2015):
ICICI Bank closed the week on negative note losing around 2.0%.
As we have mentioned last week that support for the stock lies around the levels of 265 where long term support for the stock is lying. If the stock breaks below this level on closing basis then the stock can drift to the levels of 240 where 1000 Daily SMA and 200 Weekly SMA are positioned. During the week the stock manages to hit a low of 256 and bounce to close the week around the levels of 262.
Support for the stock lies around the levels of 250 to 255. If the stock closes below this levels then the stock can drift to the levels of 240 where 1000 Daily SMA and 200 Weekly SMA are positioned.
Resistance for the stock lies in the zone of 265 to 270 where long term trend-line support for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 280 where upward sloping trend-line for the stock is positioned.
Broad range for the stock in the coming week can be 250 – 255 on lower side to 280 – 285 on upper side.