Last week, the stock of ITC was volatile and closed the week on a marginally positive note.
However, the short-term outlook is bearish for the stock. After testing the upper boundary of the range between Rs.316 and Rs.331, the stock declined.
A decisive break above Rs.331 can push the stock higher to Rs.338. In that scenario, traders with a short-term horizon can initiate long positions with a stop-loss at Rs.320 levels.
But, inability to breach this level can pull the stock down to the lower boundary. A conclusive fall below could increase the bearish momentum and drag the stock further down to Rs.308 and Rs.300, which is a significant medium-term support band.
The medium-term trend is down for the stock and a strong breach of the resistance band between Rs.350 and Rs.355 is needed to alter the trend. Next hurdles are at Rs.370 and Rs.380.
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