The longer term trend in ITC continues to remain bullish but in such trends corrections are warranted.
ITC is now reaching the upper end of the channel. RSI in highly overbought zone. After such moves the stock generally sees a correction back to the lower end of the channel.
Although a move above 380 on closing would negate the resistance a speculative trader may take shorts with stops at 380. The stock can dip to 345-350.
Nooresh Merani
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