EquityPandit’s Outlook for ITC for the week (November 15, 2016 – November 18, 2016) :

ITC:

ITC closed the week on negative note losing around 2.40%.

As we have mentioned last week that support for the stock lies in the zone of 244 to 246 where the stock broke out of the October – 2016 top. If the stock manages to close below these levels then the stock can drift to the levels of 230 to 235 where 200 Daily SMA is lying. During the week the stock manages to hit a high of 260 and close the week around the levels of 243.

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.

Resistance for the stock lies in the zone of 248 to 250. 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.