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Investors with a long-term perspective can buy the stock of ITC (₹266.75). The long-term downtrend that was in place since July 2017 has got reversed.
The strong rally since March this year confirms the same. It also marks the beginning of a new leg of long-term rally. Strong supports are at ₹245 and ₹235. Below that ₹225, ₹220 and ₹215 are the other significant supports. Overall, ₹245-₹215 is the broad support zone.
Immediate resistance is at ₹271. A break above it can take the stock upto ₹290-₹295 in a month or two. Thereafter, a corrective fall to ₹250-₹240 is a possibility. However, the trend will continue to remain up. From a long-term perspective, ITC is likely to breach ₹300 in the coming months and surge to ₹370.
Investors with a long-term perspective can buy the stock at current levels. Accumulate longs on dips at ₹245. Keep the stop-loss at ₹195. Revise the stop-loss up to ₹265 as soon as the stock rises to ₹320. Move the stop-loss further up to ₹310 when the ITC touches ₹345 on the upside. Book profits at ₹360.
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