EquityPandit’s Outlook for ICICI Bank for week (July 20, 2015 – July 24, 2015):

ICICI BANK:

ICICI Bank closed the week on positive note gaining more than 1%.

The stock is continuously facing stiff resistance around the zone of 315 to 320.

On 17/07/2015 stock tried to take out the resistance zone of 320 where 200 Daily SMA is lying but could not sustain over 320 and retraced back to the levels of 317. But stock managed to close above the resistance level of 315 where 100 Daily SMA is lying.

The stock has made a Shooting Star pattern on daily charts. So the stock has to close above the levels of 321 for uptrend to continue and to negate this pattern.

So next week we could see the stock consolidating in the range of 313 to 322 with positive bias. A breakout on either side can move the stock further 2% to 3% in that direction. If the stock manages to close above the levels of 325 we may see stock moving towards the levels of 340.

Support for the stock lies in the range of 309 to 313 where short term moving averages are lying.

Broad range for the stock in the coming week can be 305 – 310 on lower side to 325 – 330 on upper side.