EquityPandit’s Outlook for ITC for the week (November 23, 2015 – November 27, 2015):
ITC closed the week on positive note gaining around 4.40%.
As we have mentioned last week that the stock has closed around the strong support zone of 330 where 200 & 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 315 to 320 where trend-line support, 100 Daily SMA and 200 Weekly SMA are positioned. During the week the stock manages to hit a low of 330 and bounce to close the week around the levels of 344.
Support 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 closes below this levels then the stock can drift to the levels of 325 where 100 Daily SMA are positioned.
The stock has formed a Evening star pattern on daily charts in an uptrend. Resistance for the stock lies in the zone of 350. If the stock manages to close above this levels then the stock can move to the levels of 360 from where the stock has sold off in previous occasions.
Broad range for the stock in coming week is seen between 330 to 335 on downside and 355 to 360 on upside.