EquityPandit’s Outlook for ICICI Bank for the week (May 30, 2016 – June 03, 2016):

ICICI BANK:

ICICI Bank closed the week on positive note gaining around 10.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 225 to 230 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 250 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 248 and close the week around the levels of 243.

Support for the stock lies in the zone of 225 to 230 where short term moving averages and 100 Daily SMA is lying. Support for the stock lies in the zone of 205 to 210 where the stock has opened gap up on 02/03/2016. If the stock manages to close below these levels then the stock can drift to the levels of 180 where the stock has made a medium term bottom.

Resistance for the stock lies in the zone of 250 to 255 where 200 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 to 265.

Broad range for the stock in the coming week can be 225 – 230 on lower side to 255 – 260 on upper side.