EquityPandit’s Outlook for ITC for the week (January 23, 2017 – January 27, 2017) :

ITC:

ITC closed the week on positive note gaining around 2.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 250 to 252 where trend-line joining highs of 266 and 260 is lying. If the stock manages to close above these levels then the stock can move to the levels of 260 to 262. During the week the stock manages to hit a high of 256 and close the week around the levels of 255.

Support for the stock lies in the zone of 250 to 252 where declining trend-line and Fibonacci level is lying. If the stock manages to close below these levels then the stock 242 to 244 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 259 to 261 where the highs of November-2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 264 to 266 where trend-line joining earlier highs is lying.

Broad range for the stock in coming week is seen between 244 to 246 on downside and 264 to 266 on upside.