ITC stock saw a steep fall post budget in March 2015 from levels of 400. The stock in the month of March itself tumbled to levels of 300. But here's what stock has done since then -
ITC Daily Chart
ITC stock has formed a resistance at 358 and every rally to that level has met with strong selling. Other than that - the stock has done nothing. One can easily observe that there is no strength and rhythm in upside move but sell on rally trade looks very clean and organized.
The chart is another example of why one should avoid the stock that has fallen out of favor with the market.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication, you agree to make no trade relying in whole or in part on the comments of the writers