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The stock of ITC extended its downfall by falling 3 per cent in the week ago. Though the stock is still in a short-term downtrend, it is nearing a significant support level at around ₹312 from which it had bounced up in June 2014. So, traders with a short-term horizon should book profits in their short position as the stock can witness a corrective bounce back in the near future. Moreover, the week ahead is truncated, which can also impact the stock’s volatility. Having said that, an emphatic fall below ₹312 can strengthen the bearish momentum and drag the stock down to ₹290. Next support to note is at ₹274. A strong rally beyond the immediate resistance level of ₹330 can push the stock higher to ₹340 over the short term. But, a conclusive rally above ₹360 is needed to alter the downtrend. Investors with a medium-term view should avoid the stock
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