EquityPandit’s Outlook for ITC for the week (November 07, 2016 – November 11, 2016) :

ITC:

ITC closed the week on positive note gaining around 3.10%.

As we have mentioned last week that minor support for the stock lies in the zone of 235. Support for the stock lies in the zone of 228 to 231 where long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 220 to 225. During the week the stock manages to hit a low of 235 and close the week around the levels of 249.

Support for the stock lies in the zone of 244 to 246 where the stock broke out of the October – 2016 top. If the stock manages to close below these levels then the stock can drift to the levels of 230 to 235 where 200 Daily SMA is lying.

Resistance for the stock lies in the zone of 248 to 250 from where the stock has broken down from the lows of September – 2016. If the stock manages to close above these levels then the stock can move to the levels of 256 to 260.

Broad range for the stock in coming week is seen between 240 to 242 on downside and 260 to 262 on upside.