EquityPandit’s Outlook for ITC for the week (May 23, 2016 – May 27, 2016):

ITC:

ITC closed the week on positive note gaining around 3.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 320 to 325 where short term moving averages and 100 & 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 340 where 500 Daily SMA and 100 Weekly SMA is lying. During the week the stock manages to hit a high of 339 and close the week around the levels of 330.

Support for the stock lies in the zone of 320 to 325 where short term moving averages and 100 & 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 300 to 310 where the stock had opened a gap up on 01-03-2016.

Resistance for the stock lies in the zone of 340 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 355 to 360 from where the stock sold off in the month of Oct – 2016.

Broad range for the stock in coming week is seen between 320 to 325 on downside and 345 to 350 on upside.