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ITC (₹317.2)
Following a steep plunge in early December, the stock of ITC found support at around ₹311. But the subsequent rally appears to have fizzled out, encountering resistance at ₹324. It has fallen over one per cent. The stock trades well below its 50 and 200-day moving averages. The daily relative strength index in the chart has entered the bearish zone and the weekly RSI is on the brink of entering this zone. Traders with a short-term horizon can consider initiating fresh short positions, with a stop-loss at ₹324. Continuation of the decline can test support at ₹311. A strong break below this support can accelerate the stock's short-term down-move and drag it down to the base zone between ₹295 and ₹300. The short-term downtrend will remain in place as long as the stock trades below ₹335 levels. Immediate resistances are at ₹324 and ₹330.
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