EquityPandit’s Outlook for ITC for the week (November 21, 2016 – November 25, 2016) :

ITC:

 

 

ITC closed the week on negative note losing around 6.20%.

As we have mentioned last week that minor support for the stock lies in the zone of 236 to 238. Support for the stock lies in the zone of 230 to 233 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 227 from where the stock broke out of the consolidation zone from December-2015 to May-2016. During the week the stock manages to hit a low of 227 and close the week around the levels of 228.

Support for the stock lies in the zone of 225 to 227 from where the stock broke out of the consolidation zone from December-2015 to May-2016. If the stock manages to close below these levels then the stock can drift to the levels of 200.

Resistance for the stock lies in the zone of 232 to 234 where 200 Daily SMA and the lows of October-2016 are lying. If the stock manages to close above these levels then the stock can move to the levels of 240 to 243 where medium term moving averages are lying.

Broad range for the stock in coming week is seen between 218 to 220 on downside and 234 to 236 on upside.