EquityPandit’s Outlook for ITC for the week  (May 14, 2018 – May 18, 2018) : 

ITC:

ITC closed the week on positive note gaining around 2.40%.

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 286 and close the week around the levels of 284.

Support for the stock lies in the zone of 277 to 280 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 268 to 272 from where the stock broke out of March-2018 high and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 290 to 295 where the stock has formed a top in the month of February-2018 and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 305 to310.

Broad range for the stock in coming week is seen between 270 to 275 on downside & 295 to 300 on upside.