EquityPandit’s Outlook for ITC for the week (June 20, 2016 – June 24, 2016):

ITC:

ITC closed the week on positive note gaining around 2.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 355 to 360 from where the stock sold off in the month of Oct – 2015. If the stock manages to close above these levels then the stock can move to the levels of 380. During the week the stock manages to hit a high of 361 and close the week around the levels of 360.

Minor support for the stock lies in the zone of 345 where short term moving averages are lying. 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 365 where the stock has formed a short term top. 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 340 to 345 on downside and 375 to 380 on upside.