EquityPandit’s Outlook for ICICI Bank for the week (September 07, 2015 – September 11, 2015):

ICICI BANK:

ICICI Bank closed the week on negative note losing around 9%.

As we have mentioned last week that if the stock manages to close above the levels of 290 the stock can move to the levels of 305 to 310 where 100 Daily SMA is lying, but the stock manage to hit a high of 284 and sold off to the levels of 254.

Also we have mentioned that the strong support for the stock lies in the range of 250 to 260 where long term trend-line, 500 Daily SMA and downward sloping trend-line are positioned and the stock hit a low of 254 before closing the week around the levels of 257.75.

In the coming week if the stock breaks below the levels of 250 the stock can drift to the levels of 225 where 1000 Daily SMA is positioned.

Resistance for the stock lies in the range of 270 to 275 where trend-line for the stock is positioned. If the stock manages to close above the levels of 275, the stock can move to the levels of 286.

Broad range for the stock in the coming week can be 230 – 240 on lower side to 270 – 280 on upper side.