EquityPandit’s Outlook for ITC for the week (May 09, 2016 – May 13, 2016):

ITC:

ITC closed the week on negative note losing around 2.20%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 306 and close the week around the levels of 318.

Support for the stock lies in the zone of 295 to 300 where the stock had opened a gap up on 01-03-2016. If the stock manages to close below these levels then the stock can drift to the levels of 280.

Resistance for the stock lies in the zone of 320 to 325 where short term moving averages and 100 & 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 340 where 500 Daily SMA and 100 Weekly SMA is lying.

Broad range for the stock in coming week is seen between 300 to 305 on downside and 325 to 330 on upside.