EquityPandit’s Outlook for ITC for the week (March 08, 2016 – March 11, 2016):
ITC closed the week on positive note gaining around 8.30%.
As we have mentioned last week that the stock has closed around the support 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. During the week the stock manages to hit a low of 268 and bounce to close the week around the levels of 315.
Support for the stock lies in the zone of 310 to 315 where short term moving averages are lying. If the stock manages to close below this levels then the stock can drift to the levels of 295 to 300 where the stock had opened a gap up on 01-03-2016.
Resistance for the stock lies in the zone of 320 to 325 where 100 & 200 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 340 where 500 Daily SMA is lying.
Broad range for the stock in coming week is seen between 300 to 305 on downside and 325 to 330 on upside.