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ITC (₹332.3)
In the previous week, the stock gained 4.8 per cent, taking support around ₹318 and managed to close above the resistance at the level of ₹330. The stock can now head to the next resistance levels of ₹340 and ₹350 in the short term. The indicators in the daily chart show mixed signals. The stock trades well below its 50 and 200-day moving averages. To alter the short-term downtrend, the stock needs to decisively rally above the trend-deciding level of ₹360. Failure to surpass ₹340 or ₹350 levels will drag the stock back to ₹324. Next key supports are pegged in the band between ₹312 and 315. A decisive fall below this support band could strengthen the bearish momentum and pull the stock down to ₹290 in the medium term. Investors with both short and medium-term perspectives should desist from trading in the stock.
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