{"id":3341,"date":"2013-08-22T10:29:37","date_gmt":"2013-08-22T04:59:37","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=3341"},"modified":"2019-06-06T19:48:41","modified_gmt":"2019-06-06T14:18:41","slug":"itc-time-to-take-profits","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/itc-time-to-take-profits\/3341","title":{"rendered":"ITC: Time To Take Profits"},"content":{"rendered":"<p style=\"text-align: justify;\">This stock has been one of the out-performers this year. The recent price however suggests that the stock could get into healthy downside correction. The CNX FMCG index too supports the view of a further downside in most FMCG stocks such as Dabur, Marico and Hindustan Unilever along with ITC.<\/p>\n<p style=\"text-align: justify;\">From the daily chart of ITC featured below, it is apparent that \u00a0the stock has cracked below the prior swing low at Rs.311 which is an early sign that the stock is no longer in an uptrend.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/ITC.png\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-3342\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/ITC.png\" alt=\"ITC\" width=\"1340\" height=\"588\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/ITC.png 1340w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/ITC-300x131.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/ITC-1024x449.png 1024w\" sizes=\"(max-width: 1340px) 100vw, 1340px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The immediate target we are looking at is Rs.270-273 range. This represents the multi-pivot horizontal support zone highlighted in the chart. We however expect an eventual test of the lower green line a Rs.255-260.<\/p>\n<p style=\"text-align: justify;\">Please realize that the green line has an upward slope and the target would keep inching up with the passage of time. The longer the price takes to reach the lower green line, the higher would be target.<\/p>\n<p style=\"text-align: justify;\">Any recovery in the stock may be used to pare exposures in ITC. The stock has to get past Rs.326 to suggest a reversal of the recent downtrend. For traders, the stop loss for short position has to go above the recent swing high at Rs.339.20.<\/p>\n<p style=\"text-align: justify;\">(<em>The view mentioned here is based on Technical Analysis of historical stock price action. Please read the\u00a0<a href=\"https:\/\/www.fundsindia.com\/blog\/disclaimer\" target=\"_blank\" rel=\"noopener\"><strong>Disclaimer<\/strong><\/a><\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This stock has been one of the out-performers this year. The recent price however suggests that the stock could get into healthy downside correction. The CNX FMCG index too supports the view of a further downside in most FMCG stocks such as Dabur, Marico and Hindustan Unilever along with ITC. From the daily chart of [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[116,89],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ITC: Time To Take Profits<\/title>\n<meta name=\"description\" content=\"ITC has been one of the top performers this year. The recent price action suggests that the stock could get into a healthy correction. Where is it headed?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/itc-time-to-take-profits\/3341\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ITC: Time To Take Profits\" \/>\n<meta property=\"og:description\" content=\"ITC has been one of the top performers this year. The recent price action suggests that the stock could get into a healthy correction. 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