ITC
Current Price: ₹437 Anticipated range: ₹405 - ₹461 Support: ₹432; ₹422; ₹413; ₹405 Resistance: ₹450; ₹461 Even as ITC stock consolidates around the 200-DMA, the weekly chart clearly indicates limited upside for the stock for now. As per the weekly chart, upside for the ITC stock seems capped around ₹461 for now. Interim resistance for the stock is placed at ₹450 levels. The long-term chart suggests that ITC stock will need to break and trade consistently above the ₹461 hurdle for the broader trend to turn favourable. ALSO READ | Nifty stock alert! BEL, Tata Steel trade in overbought zone; warning sign? On the other hand, the stock seems well protected with the presence of multiple support levels on the downside. Below the 200-DMA, significant support for ITC stock can be anticipated around its 100-DMA at ₹422 levels. The short-term bias for the stock is expected to remain cautiously positive as long as the stock holds above ₹413 and ₹405 levels. A monthly close below ₹405 should be considered as a warning sign for the stock. CLICK HERE FOR THE CHARTOne subscription. Two world-class reads.
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