EquityPandit’s Outlook for ITC for the week  (July 16, 2018 – July 20, 2018) : 

ITC:

ITC closed the week on negative note losing around 0.80%.

As we have mentioned last week, that resistance for the stock lies in the zone of 273 to 275 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 277 to 280 from where the stock broke down after consolidation. During the week the stock manages to hit a high of 280 and close the week around the levels of 270.

Minor support for the stock lies around 265 to 268. Support for the stock lies in the zone of 258 to 262 from where the stock broke out in the month of April-2018. If the stock manages to close below these levels then the stock can drift to the levels of 250 to 252 where low for the month of March-2018 and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 273 to 275 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 277 to 280 from where the stock broke down after consolidation.

Broad range for the stock in coming week is seen between 255 to 260 on downside & 280 to 285 on upside.