Technical Analysis

ITC moves sideways

Yoganand D | Updated on January 23, 2018 Published on May 24, 2015


ITC (₹328.4)

Last week, the stock of ITC was volatile and closed the week on a marginally positive note. However, the short-term outlook is bearish for the stock. After testing the upper boundary of the range between ₹316 and ₹331, the stock declined. A decisive break above ₹331 can push the stock higher to ₹338. In that scenario, traders with a short-term horizon can initiate long positions with a stop-loss at ₹320 levels. But, inability to breach this level can pull the stock down to the lower boundary. A conclusive fall below could increase the bearish momentum and drag the stock further down to ₹308 and ₹300, which is a significant medium-term support band. The medium-term trend is down for the stock and a strong breach of the resistance band between ₹350 and ₹355 is needed to alter the trend. Next hurdles are at ₹370 and ₹380.

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Published on May 24, 2015
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