EquityPandit’s Outlook for ITC for the week  (Aug 14, 2017 – Aug 18, 2017) :

ITC:

ITC closed the week on negative note losing around 3.30%.

As we have mentioned last week, that support for the stock lies in the zone of 280 to 282 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 266 to 268 where Fibonacci levels and 200 Daily moving averages are lying. During the week the stock manages to hit a low of 270 and close the week around the levels of 271.

The stock has closed just below the 200 daily moving average lying around the levels of 272. Support for the stock lies in the zone of 265 to 267 where Fibonacci level and break out levels for the stock are lying. If the stock manages to close below these levels then the stock can drift to the levels of 248 to 250 where Fibonacci level is lying.

Minor resistance for the stock lies in the zone of 274 to 275. Resistance for the stock lies in the zone of 280 to 282 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 290 to 292 where Fibonacci level and medium term moving averages are lying.

Broad range for the stock in coming week is seen between 260 to 262 on downside & 280 to 282 on upside.