EquityPandit’s Outlook for ITC for week (July 27, 2015 – July 31, 2015):
ITC closed the week on negative note losing more than 2%.
As we have mentioned last week that the stock is approaching towards the strong resistance zone of 325 to 330 levels where 100 Daily SMA and 20 Weekly EMA are lying. The stock made a high of 323 levels and sold off to the levels of 310 during the week.
The stock has formed a Bearish Harami pattern on weekly charts in an uptrend indicating the trend reversal. The stock has to sustain above the levels of 324 to negate this pattern.
Support for the stock lies in the zone of 300 to 305 where 1000 Daily SMA and 200 Weekly SMA are lying.
Resistance for the stock lies in the zone of 315 to 320 where 50 Daily EMA and 100 Daily SMA are lying.
Broad range for the stock in coming week is seen between 300 to 305 on downside and 320 to 325 on upside.