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ITC (₹314.3)
The stock of ITC slipped 2.3 per cent last week, after a blip above the key resistance at around ₹318. For almost one month, the stock has been testing this resistance and hovering around it. The daily moving average convergence divergence and price rate of change indicators are in the positive terrain, indicating that the bullish momentum is active. Traders with a short-term view should tread with caution as long as the stock remains around the significant resistance at ₹318. Only an emphatic rally above this level will strengthen the bullish momentum and take the stock higher to ₹331, and that will be a cue for initiating long position with a fixed stop-loss. Resistances beyond ₹331 are at ₹340 and ₹350. But to alter the medium-term downtrend, the stock needs to conclusively rally above ₹350. On any declines, it can find support at ₹305 and then at ₹300. Next supports are at ₹285 and ₹273.
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