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ITC (₹345.9)
The stock of ITC extended its fall last week and declined by 4 per cent. However, it found support at ₹340 and bounced back. This corrective rally may be short-lived as the stock is likely to face resistance at ₹355 and ₹361 levels. The short-term trend will be down as long as the stock trades below ₹370. It trades well below its 21- and 50-day moving averages. The indicators in the daily chart feature in the bearish zone. A downward reversal from key resistances can test support at ₹340 levels. Traders with a short-term perspective can make use of the rally to initiate fresh short position with a stop-loss at ₹361. Next support below ₹340 is at ₹330. Conversely, an emphatic rally beyond ₹370 will alter the downtrend and take the stock higher to ₹380 and ₹400 levels.
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