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ITC (₹336.9)
Last week, the stock of ITC was choppy and closed on a marginally positive note. Significant support at ₹331 and the 200-day moving average hovering around ₹333 are providing base for the stock. It continues to test these support levels. The indicators on the daily and weekly charts are showing mixed signs. A conclusive fall below ₹331 will strengthen the short-term downtrend and drag the stock down to ₹320 and then to ₹310. Hence, traders with a short-term view can wait and consider initiating fresh short positions on a fall below ₹331 with a fixed stop-loss. The medium-term uptrend that has been in place from the June low of ₹294 will come under threat on a fall below ₹320. Conversely, the stock has key resistances at ₹340, ₹354 and ₹360. Strong breach of these resistances will boost the stock’s uptrend and take it higher to the long-term resistance level of ₹370. Such a rally will diminish the momentum.
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