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ITC (₹327.6)
Last week, the stock fell for the fourth consecutive week, declining 3.4 per cent. It has been on a short-term downtrend after touching a new high of ₹409 in late February. It hovers way below its 50- and 200-day moving averages. The indicators in the daily chart feature in the bearish zone. Adding strength to the progressing downtrend, the indicators in the weekly chart have entered the bearish zone. The stock has breached the key support at ₹340 and it is heading towards the next key base levels of ₹320 and ₹310. Traders with a short-term view can hold their short positions and initiate fresh position with a stop-loss at ₹340 levels. The short-term downtrend will stay in place as long as the stock trades below ₹370 levels. Key resistances to note are placed at ₹355 and ₹361 levels. Investors with a medium-term perspective can continue to remain on the sidelines.
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