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ITC fell for the second consecutive week and was down 1.5 per cent. The fall last week has taken the stock well below the key support level of ₹263. The levels of ₹264 and ₹266 – the 21-day moving average are the key near-term resistances. A strong break above ₹266 is needed for the downside pressure to ease and take the stock higher to ₹270 or ₹272. Inability to break above ₹272 can drag the stock lower to ₹265 and ₹263 again. On the other hand, if ITC continues to sustain below ₹264 and ₹266 in the coming days, there is a strong likelihood of it falling to ₹256. A break below ₹256 can then drag the stock further lower to the crucial support zone of ₹252 and ₹250. Whether the stock manages to reverse higher from there or not will decide the next leg of move. Short-term traders with high risk appetite can go short on rallies at ₹264. Keep the stop-loss at ₹267 for the target of ₹258. Revise the stop-loss lower to ₹262 as soon as the stock moves down to ₹260.
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