EquityPandit’s Outlook for ITC for the week (October 26, 2015 – October 30, 2015):
ITC closed the week on positive note gaining around 2.7%.
As we have mentioned last week that 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. During the week the stock manages to hit a high of 359 and close the week at virtually the highest point.
Support for the stock lies in the zone of 340 to 350 where short term moving averages are lying. If the stock breaks below this levels on closing basis then the stock can drift to the levels of 330 to 335 where 200 & 500 Daily SMA and 100 Weekly SMA are positioned.
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. If the stock manages to close above this levels then the stock can move to the levels of 380.
Broad range for the stock in coming week is seen between 340 to 345 on downside and 365 to 370 on upside.