EquityPandit’s Outlook for ITC for the week (May 4, 2020 – May 8, 2020):

ITC:

ITC is one of the worse performing FMCG stock, As in the month of April we have seen huge money flow in the FMCG Stock but ITC has seen no major buying attraction, Which suggest that counter is weak on the long term as well as short term, We suggest to stay away from ITC and look towards the outperforming FMCG counter.

As far as levels are concern counter is trading sideways after the COVID-19 Sell off, on the lower side support for the counter lies at 175, Below 175 we may see second leg of selloff in the counter, On the upside  193 is the stiff resistance for the counter and if closes above 193 we may see buying resuming in the counter.