EquityPandit’s Outlook for ITC for the week (September 19, 2016 – September 23, 2016) :

ITC:

ITC closed the week on positive note gaining around 0.80%.

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 237 to 240 where medium term moving averages are lying. During the week the stock manages to hit a low of 250 and close the week around the levels of 260.

Minor support for the stock lies in the zone of 255 to 257. 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 237 to 240 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 264 to 266. If the stock manages to close above these levels then the stock can move to the levels of 280 where life time high for the stock is lying.

Broad range for the stock in coming week is seen between 252 to 254 on downside and 270 to 273 on upside.