EquityPandit’s Outlook for ITC for the week (February 01, 2016 – February 05, 2016):

ITC:

ITC closed the week on positive note gaining around 3.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 325 to 330 where 100 & 200 Daily SMA are lying. If the stock closes above this levels then the stock can move to the levels of 340 where 500 Daily SMA and 100 Weekly SMA are positioned. During the week the stock manages to hit a high of 326 and close around the levels of 320.

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.

Resistance for the stock lies in the zone of 325 to 330 where 100 & 200 Daily SMA are lying. If the stock closes above this levels then the stock can move to the levels of 340 where 500 Daily SMA and 100 Weekly SMA are positioned.

Broad range for the stock in coming week is seen between 305 to 310 on downside and 330 to 335 on upside.