EquityPandit’s Outlook for ITC for the week  (May 07, 2018 – May 11, 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 where Fibonacci levels are lying. 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 290 and close the week around the levels of 277.

Support for the stock lies in the zone of 268 to 272 from where the stock broke out of March-2018 high and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 263 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 277 to 280 where Fibonacci levels are lying. 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 & 290 to 295 on upside.