EquityPandit’s Outlook for ITC for the week (May 02, 2016 – May 06, 2016):

ITC:

ITC closed the week on absolutely flat note.

As we have mentioned last week that the stock has closed around the strong support zone of 315 to 320 where 100, 200 & 1000 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 295 to 300 where the stock had opened a gap up on 01-03-2016. During the week the stock manages to hit a low of 312 and close the week around the levels of 325.

Support for the stock lies in the zone of 315 to 320 where 100, 200 & 1000 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 295 to 300 where the stock had opened a gap up on 01-03-2016.

Resistance 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 above these levels then the stock can move to the levels of 350 to 360 from where the stock has broken down in the month of Dec – 2015.

Broad range for the stock in coming week is seen between 310 to 315 on downside and 345 to 350 on upside.