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ITC faced resistance around ₹289 for the second consecutive week. The stock made a high of ₹288.45 and reversed lower giving back all the gains made during the week. The weekly candle reflects indecisiveness in the market. The stock may consolidate in a sideways range between ₹275 and ₹289 for some time. A breakout on either side of this range will then decide the next move. A strong break below ₹276 can take the stock lower to ₹272 or ₹270 initially. Further break below ₹270 will increase the likelihood of the down move extending to ₹265 or even ₹260. The region around ₹260 is a strong support on the chart. Further fall below ₹260 looks unlikely at the moment. On the other hand, if ITC manages to break the range above ₹289, it can rise to ₹300, which is a key long-term resistance. The price action around ₹300 will need a close watch, which will give a cue on the next trend. If the stock manages to rise past this hurdle decisively, it can move higher to ₹335 thereafter. But a reversal from ₹300 may trigger a corrective fall to the level of ₹285 or even lower.
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