EquityPandit’s Outlook for ITC for the week (October 24, 2016 – October 28, 2016) :

ITC:

ITC closed the week on positive note gaining around 0.10%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 244 to 246 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 248 to 250 where short term moving averages are lying. During the week the stock manages to hit a high of 247 and close the week around the levels of 240.

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 244 to 246 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 248 to 250 from where the stock has broken down from the lows of September – 2016.

Broad range for the stock in coming week is seen between 232 to 235 on downside and 247 to 249 on upside.