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ITC (₹304.8)
After testing the key resistance at around ₹331, the stock resumed its downtrend and tumbled 6.7 per cent. It tests its significant medium-term support between ₹300 and ₹308. This zone can provide support for the time being and the stock can continue hovering around this zone. Hence, traders with a short-term view should tread with caution as long as the support band holds. A decisive fall below ₹300 can pull it down to ₹285 in the short term. Traders can initiate short position with a stop-loss at ₹308. Key support below ₹285 is placed at ₹273. A strong rally above the immediate key resistance level of ₹318 can diminish the strength of the short-term downtrend and take the stock higher to ₹331 in the short term. Investors with a medium-term view should stay on the sidelines.
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