ITC Outlook for the Week (Oct 12,2020 – Oct 16,2020)


For the Week: (Oct 12,2020 – Oct 16,2020)

ITC

BSE: 500857| NSE: ITC| ISIN: INE154A01025 | SECTOR: FMCG

ITC Share Price: 167.85 (NSE)

ITC closed the Week on Negative note losing 1.76%

Weekly High: 172.80

Weekly Low: 166.35

Weekly Range: 6.45 points

Weekly Support & Resistance for ITC Limited:

RESISTANCE 2 176
RESISTANCE 1 172
SUPPORT 1 165
SUPPORT 2 162

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 165 Levels, Minor resistance on the upside is capped around 172 levels.

If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 162 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 176

Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit predicts range for the Weekly as 176 on upside and 162 on downside.

On the daily chart we can see that ITC share price are moving in the form of descending triangle pattern. The stock is facing multiple hurdle in the 174-175 zone. For the near term, 166 level has now become a temporary support for stock.