ITC Ltd – Technical Analysis Report

Current Price: ~₹332 Trend Structure: Medium-term downtrend, short-term pullback attempt Price Action ITC has witnessed a sharp breakdown from the ₹400–405 zone, followed by heavy selling pressure that dragged the stock toward ₹305–310 levels. The fall was impulsive, indicating strong distribution. After making a recent swing low near ₹305, the stock has started a mild recovery toward ₹330–335, suggesting short-term short covering. Moving Averages Price is still trading below 50, 100 & 200 DMA, confirming the broader bearish trend. Short-term EMAs (8 & 20) are attempting a bullish crossover, indicating a pullback move. 200 DMA near ₹400 remains a strong long-term resistance. Bollinger Bands Price earlier expanded below the lower band during the sharp fall (volatility expansion). Currently attempting mean reversion toward the middle band (~₹340 area). Sustained move above ₹345 can trigger further recovery toward ₹360. RSI (14) RSI rebounded from oversold zone (~20–25) and is now near 45–50. Momentum improving but not yet in bullish territory (>60). Key Levels Immediate Support: ₹320 / ₹305 Immediate Resistance: ₹340 / ₹360 Major Resistance: ₹400–405 Outlook As long as price sustains above ₹320, pullback toward ₹345–360 is possible. Failure below ₹320 may retest ₹305–300 zone. Medium-term trend remains bearish unless stock closes decisively above ₹360–370. Bias: Short-term recovery, medium-term cautious