EquityPandit’s Outlook for ICICI Bank for the week (April 11, 2016 – April 13, 2016):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 7.10%.

As we have mentioned last week that support for the stock lies in the zone of 220 to 225 from where the stock has broken out of the short term top. If the stock manages to close below these levels then the stock can drift to the levels of 205 to 210 where 500 Weekly SMA and 100 Monthly SMA is lying. During the week the stock manages to hit a low of 219 and close the week around the levels of 221.

Support for the stock lies in the zone of 215 to 222 from where the stock has broken out of the short term top and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 205 to 210 where 500 Weekly SMA and 100 Monthly SMA is lying.

Resistance for the stock lies in the zone of 235 to 240 where 100 Daily SMA and low of Dec– 2015 is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 215 – 220 on lower side to 245 – 250 on upper side.