EquityPandit’s Outlook for ICICI Bank for the week (November 07, 2016 – November 11, 2016) :

ICICI BANK:

ICICI Bank closed the week on negative note losing around 2.60%.

As we have mentioned last week that minor support for the stock lies in the zone of 269 to 271. Support for the stock lies in the zone of 262 to 264 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 252 to 255 where medium term moving averages are lying. During the week the stock manages to hit a low of 265 and close the week around the levels of 270.

Support for the stock lies in the zone of 262 to 264 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 255 to 257 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 281 to 283 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 293 to 295 from where the stock has sold off in the month of October – 2015.

The company is going to announce the quarterly results in this week so we expect to stock to be highly volatile.

Broad range for the stock in the coming week can be 260 – 262 on lower side to 288 – 290 on upper side.