“ITC: Is the FMCG engine strong enough to offset tobacco drag?”

🏭 1. ITC Ltd. – Defensive Giant at a Crossroads - Current Market Price (CMP): ₹405 - Major Support: ₹390 - Major Resistance: ₹430 🔍 Technical Snapshot: - ITC is consolidating after a sharp correction from ₹470 levels. - Trading below its 20, 50, and 100-day EMAs, indicating short-term weakness. - RSI hovering near 40–45, suggesting oversold territory but no reversal yet. ⚠️ Investor Watchout: - Tobacco margins remain stable, but FMCG growth is the key trigger. - Any regulatory tightening on tobacco could spook sentiment. - A breakout above ₹430 with volume may signal trend reversal.