EquityPandit’s Outlook for ITC for the week  ( Jan 08, 2018 – Jan 12, 2018) : 

ITC:

ITC closed the week on absolutely flat note.

As we have mentioned last week, that resistance for the stock lies in the zone of 264 to 266 from where the stock has broken down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 270 to 272 from where the stock has broken down from April-2017, May-2017 & August-2017 lows. During the week the stock manages to hit a high of 266 and close the week around the levels of 263.

Minor support for the stock lies in the zone of 257 to 260. Support for the stock lies in the zone of 248 to 250 where the stock has taken support in the month of November-2017. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 242 from where the stock has broken out.

Resistance for the stock lies in the zone of 264 to 266 from where the stock has broken down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 270 to 272 from where the stock has broken down from April-2017, May-2017 & August-2017 lows.

Broad range for the stock in coming week is seen between 255 to 258 on downside & 275 to 277 on upside.