ITC Ltd

NSE :ITC   BSE :500875  Sector : Tobacco Products

ITC posted its FY21 Q4 numbers, after the results stock corrected 3% and closed at 209 on NSE. On Tuesday 1st June 21, reported a 1.3 per cent year-on-year decline in net profit to Rs.3,748.4 crore, which was slightly higher than analysts’ expectations. The company’s board approved a final dividend of Rs.5.75 per share for the financial year ended March 2021.

What’s Ahead? Technical outlook of ITC

Stock is trading in a long term consolidation range. Stock has underperformed the benchmark indices, Comparative RSI shows weakness in the stock. ITC corrected on account of decline in net profits and dependency on cigarette business. On the daily chart stock is forming lower highs lower lows pattern which suggest the long term trend is sideways to negative biased. We suggest you stay away from the stock from an investment point of view. Swing traders and Intraday traders can enter fresh short position on higher level around trendline resistance at 210 with stop loss 213 and the possible target is 205 i.e. 200 Exponential moving average which would act as immediate support for the stock.

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