Technical Analysis

ITC tests an important hurdle

Yoganand D | Updated on January 24, 2018 Published on February 08, 2015


ITC (₹373.5)

Last week, the stock was volatile and closed marginally above the key resistance level of ₹370. A strong rally during the initial part of the week will indicate whether the stock’s short-term downtrend has altered. If so, the stock will be on its way to the next resistances of ₹378 and ₹390 in the short to medium-term time frame. Traders with a short-term perspective can buy the stock at current levels with a stop-loss at ₹365. The indicators in the daily chart are on the brink of entering the bullish zone from the neutral region. But, failure to start the week on a positive note will keep the stock trading sideways in the band between ₹350 and ₹370. In that case, traders can wait and buy on a decisive rally. An emphatic decline below the key support level of ₹350 will reinforce bearish momentum and drag the stock lower to ₹340. Key supports below this level are at ₹330 and ₹315.

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