Why ITC Share is Falling ?

The high dividend yeild share and investors all time favorite stock ITC is falling badly, just after declaring the dividends payout of Rs.10.15 per share. From the recent hike of 200 levels, ITC share price has came down to Rs.170 in the last two months. Just for the shake of dividend earnings, investors buy itc in view of long term holdings. Infact, ITC is a portfolio share just because of less volatile and having a diversification business.

Well, let me tell you, the stock price movement depends upon the creditibility of the company and the profit earned year on year, quarterly basis. First quarter results of ITC in 2020 has declined on year on year basis net loss incurred of Rs. 2342 crore. Impact on share price value is normal, additional of dividends payout shown a path for correction. But what is the support and resistance levels of ITC and how much deep ITC share price will fall.

ITC Support & Resistance Levels, Options OI Data Details:

ITC at cmp is in a crucial support levels, at 170pe there stands highest OI Contracts of 5516800, @165pe OI stands 3347200 contracts and @160pe OI stands 4108800. That means ITC below 170 levels there would be multiple support levels, S2 165 following by S1 160. Pe stands for Put options writers.

Coming to call options writers, at 180ce there is a highest call options writers, OI contracts 12387200, followed by 175ce OI contract stands near 6409600, following by 170ce OI contracts 7222400. It means for ITC 170 levels would be very crucial to cross which we can keep as a R1-170, R2-175 and R3-180.

The above mentioned ITC options chain can be use as a short term target or can be use for Support and Resistance levels. Stay tuned with us for more live updates. The above said levels and target is just for knowledge which might help you take trade.