EquityPandit’s Outlook for ITC for the week  (June 04, 2018 – June 08, 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 277 to 280 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 290 to 295 where the stock has formed a top in the month of February-2018 and Fibonacci levels are lying. During the week the stock manages to hit a high of 278 and close the week around the levels of 270.

Support for the stock lies in the zone of 266 to 268 where break out levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 258 to 262 from where the stock broke out in the month of April-2018.

Resistance for the stock lies in the zone of 277 to 280 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 290 to 295 where the stock has formed a top in the month of February-2018 and Fibonacci levels are lying.

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