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The stock of ITC has been moving sideways over the past few weeks in the ₹316-331 range. It hovers well below its 50- and 200-day moving averages.
An emphatic breach of the upper boundary at ₹331 can take the stock northwards to ₹338. On such a break, traders with a short-term view can initiate long position with a stop-loss at ₹320 levels.
Selling pressure could increase if the stock decisively falls below the support level of ₹316, which can pull it further down to ₹308 or ₹300 levels.
The stock has a significant medium-term support in the band between ₹300 and ₹308, which could halt the stock’s fall.
On the upside, to alter the stock’s medium-term downtrend, an emphatic rally beyond the key resistance band between ₹350 and ₹355 is required.
Next key resistances are pegged at ₹370 and ₹380 levels.
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