EquityPandit’s Outlook for ITC for the week (December 14, 2015 – December 18, 2015):

ITC:

ITC closed the week on negative note losing around 4.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 340 to 345 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 360 from where the stock has sold off in previous occasions. During the week the stock manages to hit a high of 336 and sold off to close the week around the levels of 321.

Support for the stock lies in the zone 310 to 315 where 1000 Daily SMA and 200 Weekly SMA is positioned. If the stock closes below this levels then the stock can drift to the levels of 290 where the stock had made a medium term bottom.

Resistance for the stock lies in the zone of 330 where 100 & 200 Daily SMA are lying. If the stock closes above this levels then the stock can move to the levels of 340 where 500 Daily SMA and 100 Weekly SMA are positioned.

Broad range for the stock in coming week is seen between 305 to 310 on downside and 330 to 335 on upside.