Dinesh Rohira 5nance.com
ITC witnessed a healthy correction of about 17 percent in the last two-month from its 52-weeks high placed at Rs 322 towards a low of Rs 265 levels.
However, the scrip witnessed a strong upward reversal for an extended period despite a negative market breath, and witnessed a decisive breakout from its long-term 200-days EMA level placed at Rs 283 levels.
It also was substantial volume growth in the last one-week at the current level which translates to a current reversal in trend. The RSI level stood upward at 50 while MACD had no significant trend. We have a buy recommendation for ITC which is currently trading at Rs 289.45
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