ITC Limited Stock Forecast

ITC Limited stock downgraded to Hold/Accumulate
(Updated on May 21, 2024)

ITC.NS Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, May 08, 2024, and so far it has fallen -1.41%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The ITC Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹432.60 and ₹431.26. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for ITC Limited stock

ITC Limited finds support from accumulated volume at ₹428.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹3.90 between high and low, or 0.90%. For the last week the stock has had daily average volatility of 1.34%.

Our recommended stop-loss: ₹421.30 (-3.10%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)

Trading Expectations (ITC.NS) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect ITC Limited to open at ₹435.03, and during the day (based on 14 day Average True Range), to move between ₹427.71 and ₹441.89, which gives a possible trading interval of +/-₹7.09 (+/-1.63%) up or down from last closing price. If ITC Limited takes out the full calculated possible swing range there will be an estimated 3.26% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹437.55 (0.63%) than the support at ₹428.60 (1.43%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is ITC Limited stock A Buy?

ITC Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for ITC Limited of Wednesday, May 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.