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ITC (₹328)
ITC found support at ₹316 and made a smart recovery over the last two trading sessions and closed higher by 2 per cent. Immediate resistance is at ₹331. A strong break above this level can take the stock higher to ₹338 this week. The price action on the daily chart suggests that such a rise is imminent. Short-term traders can go long. Stop-loss can be kept at the level of ₹320 for the target of ₹338. The stock can come under pressure in the short term only if it records a strong break and closes below ₹316. This can take ITC lower to ₹308. For the medium term, ₹300 is a key support level to watch. An immediate break below this support looks unlikely. Even so, a reversal from this level could be a good buying opportunity for medium-term investors.
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