EquityPandit’s Outlook for ITC for the week (October 12, 2015 – October 16, 2015):
ITC closed the week on positive note gaining around 4.50%.
As we have mentioned last week that resistance for the stock lies in the zone of 335 to 340 where 200 & 500 Daily SMA and 100 Weekly SMA are positioned. If the stock manages to close above the levels of 340, then the stock can move to the levels of 360. During the week the stock manages to hit a high of 350 and close the week around the levels of 343.
Support for the stock lies in the zone of 330 to 335 where 200 & 500 Daily SMA and 100 Weekly SMA are positioned. If the stock breaks below the levels of 330 on closing basis then the stock can drift to the levels of sub 315.
Resistance for the stock lies in the zone of 355 to 360 from where the stock has sold off in the month of March – 2015 & April – 2015.
The stock has broken out of the consolidation range of 300 to 335, in which the stock is consolidating for 3 months.
Broad range for the stock in coming week is seen between 325 to 330 on downside and 360 to 365 on upside.