EquityPandit’s Outlook for ITC for the week (January 02, 2017 – January 06, 2017) :

ITC:

ITC closed the week on positive note gaining around 7.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 230. Resistance for the stock lies in the zone of 233 to 235 from where the stock has broken down from the bearish H & S pattern and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 240. During the week the stock manages to hit a high of 242 and close the week around the levels of 242.

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.

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.

Broad range for the stock in coming week is seen between 230 to 232 on downside and 250 to 252 on upside.