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ITC (₹346)
The stock of ITC was up 4 per cent last week. Immediate resistance is at ₹350. Inability to breach this hurdle can trigger a fall to ₹341. Failure to reverse higher from this level can pull the stock lower to ₹335 — the 21-day moving average level. But the possibility of this fall looks less likely. The overall outlook remains bullish and a strong break above ₹350 can take it higher to ₹356 and ₹362. Short-term traders can wait on the sidelines and go long only if the stock breaks above ₹350. Stop-loss can be kept at ₹345 for the target of ₹360. The 21-week moving average resistance at around ₹362 is a key level which needs to be breached for the bulls to regain the upper hand. Such a break can take ITC higher to ₹374. But if the stock fails to do so, it can fall to ₹350 and ₹345.
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