The stock of ITC has been moving sideways over the past few weeks in the Rs.316-331 range. It hovers well below its 50- and 200-day moving averages.
An emphatic breach of the upper boundary at ₹331 can take the stock northwards to Rs.338. On such a break, traders with a short-term view can initiate long position with a stop-loss at Rs.320 levels.
Selling pressure could increase if the stock decisively falls below the support level of Rs.316, which can pull it further down to Rs.308 or Rs.300 levels.
The stock has a significant medium-term support in the band between Rs.300 and Rs.308, which could halt the stock’s fall.
On the upside, to alter the stock’s medium-term downtrend, an emphatic rally beyond the key resistance band between Rs.350 and Rs.355 is required.
Next key resistances are pegged at Rs.370 and Rs.380 levels.
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