ITC continued its narrow range-bound movement in the previous week. Since November 2013, the stock has been on a short-term sideways consolidation phase in the band between ₹308 and ₹330. The stock’s 200-day moving average is hovering at the upper boundary, acting as a strong barrier. Moreover, the indicators in the daily chart are featuring in the neutral region without any bias. Short-term traders should desist trading in the stock as long as it remains range-bound. Strong break of ₹330 can take ITC northwards to ₹340 and ₹355. On the other hand, decline below ₹308 will pave way for a fall to ₹297 or ₹285 in the short-term.
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