EquityPandit’s Outlook for ITC for the week (January 16, 2017 – January 20, 2017) :

ITC:

ITC closed the week on positive note gaining around 2.90%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 244 to 246. Resistance for the stock lies in the zone of 250 to 252 where trend-line joining highs of 266 and 260 is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 to 262. During the week the stock manages to hit a high of 251 and close the week around the levels of 250.

Minor support for the stock lies in the zone of 242 to 244. Support for the stock lies in the zone of 235 to 237 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.

Resistance for the stock lies in the zone of 250 to 252 where trend-line joining highs of 266 and 260 is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 to 262.

Broad range for the stock in coming week is seen between 240 to 242 on downside and 260 to 262 on upside.