Signals, Powered By EquityPandit
ITC Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
BSE: 500857| NSE: ITC| ISIN: INE154A01025 | SECTOR: FMCG
ITC Share Price: 196.05 NSE
Stock closed the week on positive note gaining 0.98%
Week High: 197.00
Week Low: 191.70
Week Range: 5.30 points
Weekly Support & Resistance Levels for ITC Limited:
| RESISTANCE 2 | 200 |
| RESISTANCE 1 | 198 |
| SUPPORT 1 | 193 |
| SUPPORT 2 | 189 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 193 Levels, Minor resistance on the upside is capped around 198 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 @ 189 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 @ 200
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit predicts range for the week as 200 on upside and 189 on downside.
On the daily chart we can see that , ITC is moving in Double Bottom pattern . Stock took exact support from 0.618% of Fibonacci retracement . In short ITC looks to be positive for short trend. Move towards 201 levels can be expected on upside.
