EquityPandit’s Outlook for ITC for the week  (Dec 31, 2018 – Jan 04, 2019) : 

ITC:

ITC closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that support for the stock lies in the zone of 273 to 275 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 265 where low for the month of June-2018, July-2018 and October-2018 is lying. During the week the stock manages to hit a low of 275 and close the week around the levels of 282.

Support for the stock lies in the zone of 273 to 275 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 265 where low for the month of June-2018, July-2018 and October-2018 is lying.

Resistance for the stock lies in the zone of 283 to 285 where Fibonacci levels and medium and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 290 to 295 where Fibonacci levels are lying.

Broad range for the stock in coming week is seen between 265 to 270 on downside & 290 to 295 on upside.