EquityPandit’s Outlook for ITC for the week  (June 18, 2018 – June 22, 2018) : 

ITC:

ITC closed the week on negative note losing around 1.30%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 272 to 274. 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 275 and close the week around the levels of 265.

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 268 to 272 where long term moving averages and 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 250 to 255 on downside & 275 to 280 on upside.