The outlook for the stock of ITC (₹281.75) remains negative. Immediate support levels are at ₹260 and ₹218. The close below the latter can trigger a fresh downside on ITC that can take it towards ₹186.The stock finds an immediate resistance at ₹300 followed by ₹325. Only a close above the latter, will change the medium-term outlook positive for ITC. Overall, we expect the stock to continue with negative bias.F&O pointers: ITC July futures closed at ₹282.95 against the spot close of ₹281.75. Open interests declined from 15.61 crore shares on June 30 to 14.09 crore shares currently. The stock witnessed unwinding of long positions in the last few days along with a fall in stock price. Options data indicates that ITC could move in the ₹260-290 range.Strategy: Consider buying July expiry 280-put on ITC, which closed with a premium of ₹3.30 on Friday. As the market lot is 1,725 shares, the strategy would cost ₹5,692.50. This would be the maximum loss and that will happen if ITC stays firm or rises sharply during the current series. However, profit potentials are high if the stock falls sharply.Keep initial stop-loss at ₹2.5. This can be shifted to ₹3 if the stock opens on a steady note. Traders can aim for a target of ₹4-4.25. Follow-up: We had advised going long on Asian Paints. Stop-loss would have triggered as the price fell sharply due to renewed US-Iran dispute.Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in tradingPublished on July 11, 2026