Sector: Fast Moving Consumer Goods (FMCG)/ Industry: Cigarettes/Tobacco
Market Cap: 561,159.09/- Cr. / Category: Large Cap
Current Price: 449.8/- Target Price: 483, 499,525/- Stop loss: 425
Ticker: NSE: ITC Recommendation: BUY (Buy @ Current Market Price)
Date: 03/12/2023
Highlights
We issue a Buy recommendation on ITC ltd. Based on a 3 -weeks target price of 483,499,525/-, offering a 11.3% upside potential from its closing price of 449/- on 01/12/2023. Our recommendation is primarily driven by Elliott wave theory:
Elliott Wave Theory Outlook –ITC ltd, Buy @ Current Market Price
December 03, 2023 By Dinesh Naidu
Hello traders. In this technical research report we’re going to take a quick look at the Elliott wave chart of ITC ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Recently we are in an Impulsive structure in a lower time frame. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
The stock has already given us wave ((2)) pull back that has unfolded as a Zigzag pattern in a 4 hours’ time frame. The price might reach extreme zone at 499-525, We don’t recommend selling the stock and prefer the long side from the 61.8 & 100% Fib levels. As the secondary trend might turn bullish in a higher time frame, we expect to see at least 3 waves bounce from our buying zone. Once price bounce reaches 161.8% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 425 level.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
Market Cap: 561,159.09/- Cr. / Category: Large Cap
Current Price: 449.8/- Target Price: 483, 499,525/- Stop loss: 425
Ticker: NSE: ITC Recommendation: BUY (Buy @ Current Market Price)
Date: 03/12/2023
Highlights
We issue a Buy recommendation on ITC ltd. Based on a 3 -weeks target price of 483,499,525/-, offering a 11.3% upside potential from its closing price of 449/- on 01/12/2023. Our recommendation is primarily driven by Elliott wave theory:
Elliott Wave Theory Outlook –ITC ltd, Buy @ Current Market Price
December 03, 2023 By Dinesh Naidu
Hello traders. In this technical research report we’re going to take a quick look at the Elliott wave chart of ITC ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Recently we are in an Impulsive structure in a lower time frame. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
The stock has already given us wave ((2)) pull back that has unfolded as a Zigzag pattern in a 4 hours’ time frame. The price might reach extreme zone at 499-525, We don’t recommend selling the stock and prefer the long side from the 61.8 & 100% Fib levels. As the secondary trend might turn bullish in a higher time frame, we expect to see at least 3 waves bounce from our buying zone. Once price bounce reaches 161.8% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 425 level.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
Elliott wave Analysis, All types of Asset classes are covered like, Indices, Stocks, Currencies and commodities.