ITC Ltd NSE CMP 265.70. On charts in shorter time frame the stock trading in downtrend with negative biasness. In intraday trading the stock made high and low of 266.95 and 263.90 respectively and formed doji pattern on the daily chart. The stock price closed below the SMA of 50 days of 271.10. RSI stands at 45.06 and MACD is trading below the signal line signs some weakness in the short run.
However the stock price is having long term uptrend and currently trading near around the crucial support level at 250 of its long term bullish trend. The stock price if continue to hold above the support level may retest the level of 285-320 in the short run.
Fundamentally the stock is good and have continue demands for its product in the future. The Quarter number remains in line with the expectation and continue to remain the same in the coming quarter. The stock price is again one of the attractive in the peer group of FMCG sector.
Bottom line: – Moneyites.com give buy rating in the stock for upside of 18-20 %, for time frame of around 90 days by strictly following the stop loss on closing basis.