EquityPandit’s Outlook for ITC for the week (August 01, 2016 – August 05, 2016):

ITC:

ITC closed the week on positive note gaining around 1.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 255 to 260. Resistance for the stock lies in the zone of 280 where life time high for the stock is lying. During the week the stock manages to hit a high of 256 and close the week around the levels of 252.

Support for the stock lies in the zone of 237 to 240 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where long term moving averages are lying.

Minor resistance for the stock lies in the zone of 255 to 260. Resistance for the stock lies in the zone of 280 where life time high for the stock is lying.

Broad range for the stock in coming week is seen between 237 to 240 on downside and 260 to 263 on upside.