EquityPandit’s Outlook for ICICI Bank for the week (Mar 18, 2019 – Mar 22, 2019) :
ICICI Bank Ltd.
BSE: 532174| NSE: ICICIBANK| ISIN: INE090A01021| SECTOR: BANKS
Stock closed the week on positive note gaining +6.90%.
Week High: 395.70
Week Low: 370.15
Week Range: 25.55
Huge buying attraction with heavy volumes has been seen in stock last week. Stock closed above previous 52 week highs of 383.55, now this level of 383.55 will act as immediate support for the stock. Technically on the daily charts EquitPandit’s analyst see minor support on the downside for ICICIBANK at 375- 385 levels, whereas minor resistance on the upside is capped around 420-430 levels.
If ICICIBANK breaches minor support on the downside and closes below it we may see fresh breakdown and stock may drag towards next major support levels lower side around 355- 360 if ICICIBANK breaches minor resistance levels on the upside and closes above it we may see fresh breakout and stock can head towards major resistance levels placed around 445- 450.
Currently trend for the stock is bullish as stock trading above 200 days exponential moving averages. EquityPandit predicts ICICIBANK range for the week is seen from 445- 450 on upside & 355-360 on downside.