EquityPandit’s Outlook for ITC for week (August 10, 2015 – August 14, 2015):
ITC closed the week on absolutely flat note.
As we have mentioned last week that if the stock manages to close above the levels of 327 the stock can move to the levels of 340 to 345 and the stock hit a high of 334 during the week and close the week around the levels of 324.
The stock has formed a Shooting star pattern on weekly charts in uptrend indicating the trend reversal. The stock has to close above the levels of 333.5 to negate this pattern.
The stock has formed a Hammer pattern on daily charts indicating the exhaustion of selling pressure. The stock has taken support around the levels of 322 where 100 Daily SMA is lying.
Support for the stock lies in the zone of 315 to 320 where short term moving averages and 100 Daily SMA are lying.
Resistance for the stock lies in the zone of 340 to 345 where 200 Daily SMA and 500 Daily SMA are lying.
Broad range for the stock in coming week is seen between 310 to 315 on downside and 335 to 340 on upside.