The outlook remains negative for the stock of ITC (₹278.20). Immediate support is at ₹261 and a major one is at ₹218. A close below the latter will trigger a fresh sell-off. The short-term outlook will turn positive only on a close above ₹308.Only a close above ₹400 will reconfirm long-term bullish outlook. But in the short-term, we expect the stock to move in a narrow band with negative bias.F&O pointers: ITC August futures closed at ₹278.25 and against the spot price of ₹278.20. After the introduction of closing price auction, it is difficult to gauge the final movement of futures price with respect to the spot price. Open interest also fluctuated along with a fall in stock price. Option trading indicates that the stock could move in the ₹260-290 range.Strategy: Consider buying August 277.50-strike put that closed with a premium of ₹2.70 on Friday. As the market lot is 1,725 shares, this strategy would cost traders ₹4,657.50. This would be the maximum loss. But profit potentials are high, if the stock falls sharply.We advise traders to exit the position if loss mounts to ₹1,500 or hit a profit of ₹2,000. We suggest exiting the position before Friday.Follow-up: We had advised a bull call spread on Adani Energy Solutions. The position may be in negative now, as the stock fell contrary to our expectations. Traders can hold the position for one more week.Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.Published on August 15, 2026