On weekly chart, it is trading above important moving averages and the overall setup making it a prudent buy for short term.
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ITC has been in the phase of consolidation for the last three months and has now broken out of a triangle formation on daily chart.
Crossover of major short term exponential moving averages above long term averages are indicating a trend reversal buying in the counter. Prices are tagging above the upper bollinger band and indicating the fresh up move is likely in near term.
Daily RSI which has been trading in rangebound trajectory for the last few weeks, is now moved to a bullish zone. Also, on weekly chart, it is trading above important moving averages and the overall setup making it a prudent buy for short term.Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.