EquityPandit’s Outlook for ITC for the week (May 16, 2016 – May 20, 2016):

ITC:

ITC closed the week on positive note gaining around 0.50%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 326 and close the week around the levels of 319.

Support for the stock lies in the zone of 300 to 310 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.