EquityPandit’s Outlook for ITC for the week (June 13, 2016 – June 17, 2016):

ITC:

ITC closed the week on negative note losing around 0.90%.

As we have mentioned last week that minor support for the stock lies in the zone of 350. Support for the stock lies in the zone of 340 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 325 to 330 where short term moving averages and 200 Daily SMA is lying. During the week the stock manages to hit a low of 350 and close the week around the levels of 351.

Minor support for the stock lies in the zone of 350. Support for the stock lies in the zone of 340 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 325 to 330 where short term moving averages and 200 Daily SMA is lying.

Resistance for the stock lies in the zone of 355 to 360 from where the stock sold off in the month of Oct – 2016. If the stock manages to close above these levels then the stock can move to the levels of 380.

Broad range for the stock in coming week is seen between 335 to 340 on downside and 365 to 370 on upside.