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ITC (₹272.4)
ITC surged 6 per cent last week. The stock has been rising higher over the last six consecutive weeks. The resistance around ₹280 has held well and has pushed the stock lower towards the end of the week. Inability to surpass the hurdle at ₹280 may see ITC falling to the support level of ₹266 this week. A break below ₹266 can take the stock lower to ₹263. Further fall below ₹263 is less likely. A strong reversal from either ₹266 or ₹263 will see the stock revisiting ₹280 in the coming days. The reversal will also increase the likelihood of the stock breaking above ₹280. A strong break and a decisive close above ₹280 will boost the momentum. Such a break can take the stock higher to ₹296 or ₹298. The region around ₹300 is a key long-term trend resistance which may have the potential to halt the current rally in ITC. A strong reversal from ₹300 may trigger a corrective fall to ₹285 or ₹280. The pull-back move from ₹300 will need a close watch as it would decide the medium-term trend.
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