ITC is one of the Index stocks.However at time ITC seems to be flat , it is continuously moving in an uptrend.For almost 4 months again stock is trading flat in a range. Even it is trading flat, stock still making the highs. After the budget, ITC is not hugely preferred by many port folio analyst as it was earlier. Stock is having a peculiar pattern formation of being into sideways for some time and again have a small upmove. So it is good to be cautious and see where will stock move from here.
ITC is still in uptrend.It took support at its trend line few days ago and bounced back.But looking at the volume traded on Budget day, it looks little unconvincing to go long immediately now.284.5 seems to be long term trend line which gave support today nearest to those levels.Crossing 300 stock may have more strength to make new highs again.One can go long on the stock with strict SL at 284.5 for targets of 300/305/312
If broken the support at 284, one can Initiate Shorts to see 272 levels which is the bottom of the flat/side ways channel.
ITC is still in uptrend.On budget day we see huge selling. Day before yesterday also we see a Big candle which seems to be a Sell off. It seems all strong hands or portfolio managers are getting rid of the stock for time being and entering other blue chip stocks. If stock find support at 284 levels and move up from now on wards stock may be into sideways with ranage bounce as shown in Blue lines for quite some time. If breaches those levels of support, it is good to wait and see where can the stock be stabilized.