After ITC announced promising Q4Fy19 results, stock market experts are unanimously opining that Rs 290 holds the key for the counter when the market opens on May 14. They say if the ITC share price opens above Rs 290/stock levels and scales around Rs 295 levels, then a stock market investor can take a short position in the counter for a target of Rs 280. However, if the counter opens below Rs 290 and dips to the tune of Rs 275-280 levels, an investor can take a  buy position in the ITC counter for the target of Rs 310 to 315 per stock levels. However, in both cases, the stock market investors have been strictly advised by the market experts to maintain stop loss.

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Speaking on the fundamentals of the ITC counter Prakash Pandey, Head of Research at Fairwealth Securities said, "The ITC's Q4FY19 results are promising even when the FMCG market is subdued. It logged a profit of around 19 per cent Y-o-Y against the same quarter, which is almost double the market expectation of 8 per cent. However, it's cigarette volume growth has declined 10 per cent while the market was expecting 5-6 per cent growth." He said that growth is subdued and the ITC counter will be range bound in Rs 275 to Rs 310-15 levels.

"There would be some correction in the counter and it may soon touch Rs 275-280 levels, where it has strong support. Hence, a stock market investor can take a buy position in the counter with strict stop-loss at Rs 272 per stock."

Talking about the technicals of the ITC counter Sebi registered technical equity analyst Simi Bhaumik said, "ITC shares have closed below 290 levels and its tomorrow opening holds the key. If the counter opens above 290 levels and scales up to 295 levels, one can take a short position in the counter taking stop loss of Rs 300 for the target of Rs 285 to Rs 280 levels."

So, Rs 290 would be the pivot for the ITC counter. If it opens above 290 and scales 5-6 rupee further one can short and if it opens below 290 and dips further the one can buy around Rs 275-280 levels for the target of Rs 310-15 per ITC shares, say, market experts.