EquityPandit’s Outlook for ICICI Bank for the week(April 22,2019 – April 26,2019):
ICICI Bank Ltd.
BSE: 532174| NSE: ICICIBANK| ISIN: INE090A01021| SECTOR: BANKS
Stock closed the week on positive note gaining+2.48%
Week High: 406.80
Week Low: 390.10
Week Range: 16.70
Stock is trading on verge of breakout, as on the chart attached we can see stock is trading neat to upwards trend line resistance levels of long term channel pattern. Technically on the daily charts EquitPandit’s analyst see minor support on the downside for ICICIBANK at 398- 400 levels, whereas minor resistance on the upside is capped around 411- 413 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 387- 390 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 425- 435.
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 425- 435 on upside & 387- 390 on downside.