EquityPandit’s Outlook for ICICI Bank for the week  (April 03, 2017 – April 07, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 0.80%.

As we have mentioned last week that the stock has closed below the support zone of 274 to 275 where Neck-line of Inverse H & S pattern and short term moving averages are lying. Support for the stock lies in the zone of 270 to 272 where medium term moving averages and Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 266 to 268. During the week the stock manages to hit a low of 272 and close the week around the levels of 277.

Support for the stock lies in the zone of 274 to 275 where Neck-line of Inverse H & S pattern and short term moving averages are lying. Support for the stock lies in the zone of 270 to 272 where medium term moving averages and Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 266 to 268.

Resistance for the stock lies in the zone of 279 to 281 where trend-line joining highs of 393, 298 and 292 is lying. If the stock manages to close above these levels then the stock can move to the levels of 288 to 290 where the stock is facing resistance.

Broad range for the stock in the coming week can be 265 – 267 on lower side & 286 – 288 on upper side.