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The stock of ITC is slowly moving lower over the last few weeks. The 21-week moving average, currently poised at ₹324, is restricting a rally . As long as the stock trades below this resistance, the chances of a fall to ₹308 cannot be ruled out. Traders with a short-term perspective should tread with caution as long as the stock trades above ₹308. The stock has to decisively breach the next important resistance at ₹330 to accelerate to ₹340 and then to ₹355. Conversely, if the stock plunges below the important base of ₹308, the bearish momentum will be strengthened and will drag ITC down to ₹297 and ₹285 in the short term.
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