EquityPandit’s Outlook for ICICI Bank for the week (January 23, 2017 – January 27, 2017) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 1.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 270 to 272 where the stock has formed a top in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 278 to 280 levels. During the week the stock manages to hit a high of 272 and close the week around the levels of 263.

Support for the stock lies in the zone of 262 to 264 from where the stock broke out on intraday basis and Fibonacci ratio is lying. If the stock manages to close below these levels then the stock can drift to the levels of 253 to 255 where 200 Daily SMA and Fibonacci ratios are lying.

Resistance for the stock lies in the zone of 270 to 272 where the stock has formed a top in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 278 to 280 levels.

Broad range for the stock in the coming week can be 253 – 255 on lower side to 270 – 272 on upper side.