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Shares of ITC Ltd, India's biggest cigarette maker, gained as much as 3.18 per cent to Rs 291.65, breaking a resistance at Rs 288.1. Resistance at Rs 288.1 is identified as the 38.2 per cent Fibonacci projection level of the uptrend from June 28 low to September 3 high.
The stock's wave pattern suggests it is in the third wave of a five wave uptrend, the current wave is expected to surpass the September 3 high of Rs 322.95. In the near-term, the stock may face resistance at Rs 295.6, the 50 per cent projection level and at its 50-day exponential moving average.
The stock's MACD has cut above its signal line, a bullish signal. ITC stock had gained 7.37 per cent this year as of its last close, compared to the broader NSE Index's o.51 per cent gains in the same period.
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