EquityPandit’s Outlook for ITC for week (July 06, 2015 – July 10, 2015):
ITC closed the week on positive note gaining more than 3%.
As we have suggested last week that the stock has formed a Shooting Star pattern on weekly charts in uptrend indicating the trend reversal and a close above the levels of 318 to negate this pattern.
This week the stock could not able to sustain over the levels of 318.
As seen from the chart the stock is trading around the strong resistance zone of 317 where downward sloping channel and trend-line are positioned.
If the stock moves above the levels of 320 we may see stock moving towards the zone of 335 where 100 Daily SMA is positioned.
Support for the stock lies in the range of 305 to 310 where Short term moving averages are lying.
Broad range for the stock in coming week is seen between 280 to 290 on downside and 320 to 330 on upside.