EquityPandit’s Outlook for ITC for the week (November 16, 2015 – November 20, 2015):

ITC:

ITC closed the week on negative note losing around 2.36%.

As we have mentioned last week that support for the stock lies in the zone of 330 to 335 where 200 & 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 315 to 320 where trend-line support, 100 Daily SMA and 200 Weekly SMA are positioned. During the week the stock manages to hit a low of 327 and close the week at virtually the lowest levels.

The stock has closed around the strong support zone of 330 where 200 & 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 315 to 320 where trend-line support, 100 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 340 to 345 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 360 from where the stock has sold off.

Broad range for the stock in coming week is seen between 325 to 330 on downside and 345 to 350 on upside.