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jay-chopra

Contra Bet on ITC. Will it work?

Long
ITC LTD (NSE:ITC)  
jay-chopra Updated   
NSE:ITC   ITC LTD
Chart Patterns Technical Indicators Fundamental Analysis fundamental-analysis technical Technical Analysis ITC
6
3
chartpattern indicator fundamental fundamental-analysis technical technicalanalysis itc
ITC

I have a detailed analysis on this stock and also know that many investors are frustrated holding this script. It is also clear that demerger is not happening anytime soon so we do not have a comfort for value unlocking from this parameter. But in a contra bet, script has a strong Fundamentals. According to the chart patterns, stock is trading at the lower range of bollinger band. This provides an opportunity to Buy at lower edge (Not trying to fish the bottom). Medium term trend suggests a direct hit of Rs.275 in 3 months. Fundamentals suggest risk reward ratios are favourable at current levels.

The idea shared is only for educational purpose.
Comment:
level 235 achieved within 6 days. The idea seems to be perfectly working.
Target of 275 is intact.
Trade closed: target reached
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