Sell ITC Ltd between CMP & Rs.375; Target Rs 330 :: HDFC Securities

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Current Observation:
 The FMCG sector was showing an underperformance in the last couple of weeks and the stock price has failed to
show bounce back during this week.
 We observe a formation of negative candlestick pattern of variation type of ‘evening star’ and have witnessed a
consolidation with weak bias during this weak.
 The prior upside breakout has resulted in a false upside breakout (brown horizontal line around Rs.380) and currently
the stock price has placed at the edge of breaking below the immediate support of Rs.364 levels (green up sloping
trend line).
 The weekly momentum oscillator like RSI has failed to sustain above the upper 60 levels. As per the bullish high low
range of around 70-40 levels, the weekly RSI is expected to slide down to the lower 40 levels, from the current
reading of 53 levels. This means more weakness for the stock price for near future.
 The week chart pattern is suggesting a sell setup for ITC Ltd for coming weeks.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010490