EquityPandit’s Outlook for ITC for the week (January 18, 2016 – January 22, 2016):

ITC:

ITC closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 309.75 and bounce to close the week around the levels of 314.

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 325 to 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 300 to 305 on downside and 325 to 330 on upside.