EquityPandit’s Outlook for ITC for the week (January 30, 2017 – February 03, 2017) :

ITC:

ITC closed the week on positive note gaining around 0.80%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 267 and close the week around the levels of 257.

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 240 to 242 where Fibonacci level and 200 Daily SMA is 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 265 to 267 where the stock has formed a top in the month of September-2016.

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