EquityPandit’s Outlook for ITC for the week  (Jan 29, 2018 – Feb 02, 2018) : 

ITC:

ITC closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that minor support for the stock lies in the zone of 270 to 272. 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. During the week the stock manages to hit a low of 272 and close the week around the levels of 282.

Minor support for the stock lies in the zone of 272 to 274. 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 280 to 282 where long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 288 to 290 from where the stock has broken down in the month of August-2017.

Broad range for the stock in coming week is seen between 270 to 275 on downside & 288 to 290 on upside.