Comments
With a gain of 2.7 per cent last week, ITC’s stock extended its weekly positive close to six weeks in a row. The short-term trend is up. The medium-term trend is also getting stronger as the stock conclusively closed above the key resistance of ₹354. It trades well above its 50 and 200-day moving averages. The daily relative strength index features in the bullish zone and the weekly RSI has entered the bullish zone adding more strength to the stock’s ongoing rally.
Other indicators in the daily and weekly charts hover in the positive territory. The stock could however witness some corrective dips. Traders can make use of the dips to buy the stock with a stop-loss at ₹348. In the medium term, the stock can extend its rally and test resistances at ₹370 and ₹380 levels.
On the other hand, a strong tumble below the key immediate support of ₹340 can pull the stock down to ₹331 or ₹320 in the short term.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.