EquityPandit’s Outlook for ITC for the week (February 06, 2017 – February 10, 2017) :
ITC closed the week on positive note gaining around 6.10%.
As we have mentioned last week that support for the stock lies in the zone of 250 to 252 where declining trend-line and Fibonacci level is lying. If the stock manages to close below these levels then the stock 240 to 242 where Fibonacci level and 200 Daily SMA is lying. During the week the stock manages to hit a low of 255 and close the week around the levels of 273.
Support for the stock lies in the zone of 265 to 267 from where the stock broke out from the highs of September-2016. If the stock manages to close below these levels then the stock can drift to the levels of 255 to 260.
Minor resistance for the stock lies in the zone of 276 to 278. The stock is trading at the life time highs so virtually no resistance is visible. Resistance for the stock lies in the zone of 280 to 282 where Fibonacci extension level is lying.
Broad range for the stock in coming week is seen between 265 to 267 on downside and 280 to 281 on upside.