EquityPandit’s Outlook for ITC for the week (August 17, 2015 – August 21, 2015):

ITC:

ITC closed the week on negative note losing around 2%.

As we have mentioned last week that the stock has formed a Shooting Star pattern on weekly charts in uptrend indicating the trend reversal. The stock has to close above the levels of 333.5 to negate this pattern but the stock hit a high of 327.5 and sold off to the levels of 303 before closing the week around the levels of 318.

The stock has formed a Evening star pattern on weekly charts indicating the trend reversal in an uptrend. The stock has to sustain and close above the levels of 327 to negate this pattern.

Support for the stock lies in the zone of 305 to 310 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 325 to 330 where 100 Daily SMA is lying.

Broad range for the stock in coming week is seen between 300 to 310 on downside and 330 to 340 on upside.