EquityPandit’s Outlook for ITC for the week (May 30, 2016 – June 03, 2016):

ITC:

ITC closed the week on positive note gaining around 8.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 340 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 355 to 360 from where the stock sold off in the month of Oct – 2016. During the week the stock manages to hit a high of 364 and close the week around the levels of 359.

Support for the stock lies in the zone of 340 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 325 to 330 where short term moving averages and 200 Daily SMA is lying.

Resistance for the stock lies in the zone of 355 to 360 from where the stock sold off in the month of Oct – 2016. If the stock manages to close above these levels then the stock can move to the levels of 380.

Broad range for the stock in coming week is seen between 335 to 340 on downside and 375 to 380 on upside.