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ITC Weekly Outlook and Analysis:
For the Week: (Aug 31,2020 – Sept 04,2020)
BSE: 500857| NSE: ITC| ISIN: INE154A01025 | SECTOR: FMCG
ITC Share Price: 195.55 (NSE)
ITC closed the Week on flat note
Weekly High: 199
Weekly Low: 193.65
Weekly Range: 5.35 points
Weekly Support & Resistance for ITC Limited:
| RESISTANCE 2 | 201 |
| RESISTANCE 1 | 199 |
| SUPPORT 1 | 193 |
| SUPPORT 2 | 190 |
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 199 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 @ 190 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 @ 201
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit predicts range for the Weekly as 201 on upside and 190 on downside.
The technical analysis shows that stock is moving in the form of descending triangle pattern .Stock took exact support from 100 EMA. Further it is important to see whether price reverse or break down from the same.
