EquityPandit’s Outlook for ITC for the week (February 15, 2016 – February 19, 2016):
ITC closed the week on negative note losing around 7.40%.
As we have mentioned last week that support for the stock lies in the zone of 310 to 315 where 1000 Daily SMA and 200 Weekly SMA is positioned. If the stock closes below this levels then the stock can drift to the levels of 290 where the stock had made a medium term bottom. During the week the stock manages to hit a low of 297 and close the week around the levels of 300.
Support for the stock lies in the zone of 290 to 295 where the stock had made a medium term bottom. If the stock manages to close below this levels on weekly basis then the stock will break down from the major support channel in which the stock is moving since August – 2013. A close below this levels can trigger a freefall in the stock and no major support is visible and stock can drift to the levels of 270.
Resistance for the stock lies in the zone of 310 to 315 where 1000 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 325 to 330 where 100 & 200 Daily SMA are lying.
Broad range for the stock in coming week is seen between 285 to 290 on downside and 315 to 320 on upside.