EquityPandit’s Outlook for ITC for the week  (Jan 15, 2018 – Jan 19, 2018) : 

ITC:

ITC closed the week on positive note gaining around 1.50%.

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 274 and close the week around the levels of 268.

Support for the stock lies in the zone of 264 to 266 from where the stock has broken out after consolidation and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 261 where the stock has taken multiple support in the month of December-2017.

Resistance for the stock lies in the zone of 270 to 272 from where the stock has broken down from April-2017, May-2017 & August-2017 lows. If the stock manages to close above these levels then the stock can move to the levels of 278 to 280 where long term moving averages are lying.

Broad range for the stock in coming week is seen between 258 to 260 on downside & 278 to 280 on upside.