EquityPandit’s Outlook for ICICI Bank for the week (March 20, 2017 – March 24, 2017) :

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 3.70%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 275 to 277. Resistance for the stock lies in the zone of 280 to 282 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 298 to 300 where the stock top out in the month of November-2016. During the week the stock manages to hit a high of 288 and close the week around the levels of 281.

Minor support for the stock lies in the zone of 277 to 279. 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. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 272 where medium term moving averages and Fibonacci level is lying.

Resistance for the stock lies in the zone of 280 to 282 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 270 – 272 on lower side & 290 – 292 on upper side.