EquityPandit’s Outlook for ITC for the week (February 29, 2016 – March 04, 2016):

ITC:

ITC closed the week on negative note losing around 4.50%.

As we have mentioned last week that support for the stock lies in the zone of 290 to 295 where the stock had made a medium term bottom. If the stock manages to close below this levels on weekly basis then the stock will break down from the major support channel in which the stock is moving since August – 2013. During the week the stock manages to hit a low of 284 and close the week around the levels of 291.

The stock has closed around the support zone of 290 to 295 where the stock had made a medium term bottom. If the stock manages to close below this levels on weekly basis then the stock will break down from the major support channel in which the stock is moving since August – 2013. A close below this levels can trigger a freefall in the stock and no major support is visible and stock can drift to the levels of 270.

Resistance for the stock lies in the zone of 300 to 305 from where the stock has broken down. If the stock manages to close above this levels then the stock can move to the levels of 315 where 1000 Daily SMA is lying.

Broad range for the stock in coming week is seen between 280 to 285 on downside and 300 to 305 on upside.