ITC Weekly Analysis: Bulls Preparing for a Comeback?

1. Major Levels
Support Zone: ₹375 – ₹385
This is a strong demand area where price has previously reversed multiple times.
Resistance Zone: ₹485 – ₹500
A major supply zone where sellers consistently appear.

2. Trend Structure
The chart shows a long descending trendline, confirming a multi-month downtrend.
Price recently attempted to break above this trendline but failed to sustain.

3. Current Price Action
Current price is around ₹405, sitting right under the broken trendline.
There is clear compression between the descending trendline and horizontal support — usually a sign of a big move coming.

4. Possible Scenarios
Bullish Scenario
If price:
Retests the lower trendline or dips into ₹380 support
Shows a sharp bullish rejection
Breaks above the descending trendline with strength
Then a move toward:
₹425
₹450
Ultimately ₹485–₹500
is possible.
Bearish Scenario

If the support zone around ₹375 – ₹385 breaks,
then ITC may continue extending the downtrend.

5. Summary
The chart is in a falling wedge-like structure, which is often a bullish reversal pattern.
Confirmation is required only when the price breaks and closes above the descending trendline on the weekly timeframe.

Until then, volatility between ₹380–₹420 is likely.

⚠️ Disclaimer
This analysis is for educational purposes only and is not financial or investment advice.
Market moves are uncertain always do your own research and manage risk before taking any trade.