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ITC (₹329.4)
The stock of ITC fell 2 per cent last week, closing below a key support level of ₹331 and 200-day moving average. The price rate of change features in the negative territory implying selling interest. Traders with a short-term perspective can consider selling the stock with a stop-loss at the level of ₹335. Continuation of the ongoing downtrend can pull the stock down to ₹320 and then to ₹310. Moreover, the stock’s medium-term uptrend, that has been in place from the June low of ₹294, will come under threat on a plunge below ₹320. In such a scenario, the stock can decline to the levels of ₹300 or even ₹290 in the medium term. Key immediate resistances are at ₹340, ₹354 and ₹360. A conclusive breach of these resistances can take it higher to the long-term resistance level of ₹370.
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