EquityPandit’s Outlook for ICICI Bank for week (July 06, 2015 – July 10, 2015):

ICICI BANK

ICICI Bank closed the week on positive note gaining around 4%.

The stock has formed a Shooting Star pattern last week in an uptrend suggesting the trend reversal. The stock has to close above the high of last week i.e. 320 levels to negate this pattern, but this week stock manages to hit the high of 315.

Major resistance for the stock lies in the zone of 320 to 325 where 100 and 200 Daily SMA is lying.

Support for the stock lies in the zone of 305 to 310 where short term moving averages are positioned.

If the stock manages to close above the levels of 325 we may see stock moving towards the levels of 340.

A break below the levels of 305 can end the medium term uptrend in the stock.

Broad range for the stock in the coming week can be 300 – 305 on lower side to 325 – 330 on upper side.