EquityPandit’s Outlook for ITC for the week  (July 30, 2018 – Aug 03, 2018) : 

ITC:

ITC closed the week on positive note gaining around 10.20%.

As we have mentioned last week, that resistance for the stock lies in the zone of 275 to 278 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 285 to 290 where the stock has formed a double top pattern in the month of May-2018. During the week the stock manages to hit a high of 307 and close the week around the levels of 303.

Support for the stock lies in the zone of 290 to 295 from where the stock opened gap up and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 275 to 278 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 320 to 325 from where the stock has opened gap down and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 335 to 340 from where the stock has broken down.

Broad range for the stock in coming week is seen between 285 to 290 on downside & 320 to 325 on upside.