EquityPandit’s Outlook for ITC for the week (September 26, 2016 – September 30, 2016) :

ITC:

ITC closed the week on negative note losing around 2.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 252 and close the week around the levels of 253.

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.

Minor resistance for the stock lies in the zone of 256 to 258. 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 242 to 244 on downside and 262 to 264 on upside.