Technical Analysis

ITC moves sideways

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

24itc_col.eps

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.



Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on May 24, 2015
This article is closed for comments.
Please Email the Editor