EquityPandit’s Outlook for ITC for the week  (May 22, 2017 – May 26, 2017) :

ITC:

ITC closed the week on positive note gaining around 4.10%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 277 to 278. Resistance for the stock lies in the zone of 282 to 284 where Fibonacci extension is lying. If the stock manages to close above these levels then the stock can move to the levels of 290 to 292 where life time highs for the stock is lying. During the week the stock manages to hit a high of 296 and close the week around the levels of 286.

Minor support for the stock lies in the zone of 284 to 285. Support for the stock lies in the zone of 278 to 280 where short term moving averages and break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 271 to 273 where the stock has taken multiple support.

Resistance for the stock lies in the zone of 293 to 295 where life time highs for the stock is lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 302.

Broad range for the stock in coming week is seen between 275 to 277 on downside & 294 to 296 on upside.