EquityPandit’s Outlook for ITC for the week (August 22, 2016 – August 26, 2016):

ITC:

ITC closed the week on negative note losing around 1.20%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 258 to 262. Resistance for the stock lies in the zone of 280 where life time high for the stock is lying. During the week the stock manages to hit a high of 258 and close the week around the levels of 251.

Support for the stock lies in the zone of 242 to 245 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 235 to 237 where medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 258 to 262. Resistance for the stock lies in the zone of 280 where life time high for the stock is lying.

Broad range for the stock in coming week is seen between 240 to 242 on downside and 260 to 263 on upside.