EquityPandit’s Outlook for ITC for the week (December 26, 2016 – December 30, 2016) :

ITC:

ITC closed the week on negative note losing around 0.70%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 230. Resistance for the stock lies in the zone of 233 to 235 from where the stock has broken down from the bearish H & S pattern and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 240. During the week the stock manages to hit a high of 231 and close the week around the levels of 225.

Support for the stock lies in the zone of 225 to 227 from where the stock broke out of the consolidation zone from December-2015 to May-2016. If the stock manages to close below these levels then the stock can drift to the levels of 220.

Minor resistance for the stock lies in the zone of 230. Resistance for the stock lies in the zone of 233 to 235 from where the stock has broken down from the bearish H & S pattern and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 240.

Broad range for the stock in coming week is seen between 218 to 220 on downside and 231 to 233 on upside.