EquityPandit’s Outlook for ITC for the week (October 03, 2016 – October 07, 2016) :

ITC:

ITC closed the week on negative note losing around 4.80%.

As we have mentioned last week that support for the stock lies in the zone of 250 to 252 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 244 to 246 where medium term moving averages are lying and the stock has bounced couple of times from these levels in the month of July – 2016 and August – 2016. During the week the stock manages to hit a low of 240 and close the week around the levels of 241.

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.

Minor resistance for the stock lies in the zone of 245 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 250 to 252 where short term moving averages are lying.

Broad range for the stock in coming week is seen between 232 to 234 on downside and 248 to 250 on upside.