On a daily time frame, we can see that ITL share has made a Bullish Flag pattern. Break out from this pattern will happen once the scrip breaches above an important resistance level of Rs 306 and stays above it. This upward movement is expected with increased volumes. RSI line took support close to 50 levels and has bounced back. It denotes the regaining positive momentum on the stock. Positional traders should enter above Rs 306 level while maintaining stop loss at Rs 281 on a daily closing basis.
We expect ITL stock to maintain positive bias and move higher in the coming sessions. Short-term traders should take a position above Rs 306 level and keep a strict stop loss of Rs 293 on a daily closing basis. Our view will negate this level.