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ITC (₹351.7)
Last week, the stock of ITC inched up 1.7 per cent and tested a key resistance band between ₹350 and ₹355. But it struggled to surpass this zone. The 200-day moving average, poised at ₹356, also acts as a barrier. Next key resistance is at ₹362 levels. A decisive break of this level will alter the downtrend and push the stock upwards to ₹370 and then to ₹380 in the short to medium-term. Investors with a medium-term perspective can consider going long on a break above ₹362 levels. But, failure to breach this level can keep the stock moving sideways in the ₹340-₹362 range for a while. A fall below ₹340 can pull the stock down to ₹330 and ₹320 levels. So, traders with a short-term view can tread with caution and go long only on a break above ₹362 levels.
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