Signals, Powered By EquityPandit
ITC Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
BSE: 500857| NSE: ITC| ISIN: INE154A01025 | SECTOR: FMCG
ITC Share Price: 186.70 (NSE)
ITC closed the Week on negative note losing 4.52%
Weekly High: 199
Weekly Low: 185.70
Weekly Range: 13.30 points
Weekly Support & Resistance for ITC Limited:
| RESISTANCE 2 | 204 |
| RESISTANCE 1 | 195 |
| SUPPORT 1 | 181 |
| SUPPORT 2 | 176 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 181 Levels, Minor resistance on the upside is capped around 195 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 176 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 204
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit predicts range for the Weekly as 204 on upside and 176 on downside.
The present structure shows that stock took breakout from descending triangle pattern on daily chart. Move towards 183-182 levels can be expected on downside which is 1.618% of Fibonacci retracement .
