EquityPandit’s Outlook for ITC for the week (December 12, 2016 – December 16, 2016) :

ITC:

ITC closed the week on positive note gaining around 3.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 232 to 234 where 200 Daily SMA and the lows of October-2016 are lying. If the stock manages to close above these levels then the stock can move to the levels of 240 to 243 where medium term moving averages are lying. During the week the stock manages to hit a high of 240 and close the week around the levels of 236.

Support for the stock lies in the zone of 230 to 232. Support for the stock lies in the zone of 225 to 227 from where the stock broke out of the consolidation zone from December-2015 to May-2016. If the stock manages to close below these levels then the stock can drift to the levels of 200.

Resistance for the stock lies in the zone of 240 to 243 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 250 to 252.

Broad range for the stock in coming week is seen between 224 to 226 on downside and 242 to 244 on upside.