ITC was in the consolidation phase for more than 9 Months.
Let Analysis the possibilities:
1. Script was in the consolidation phase. 2. Script Volatility was being Flat. 3. Script was in the descending triangle pattern 4. EMA 200 was flatten from downtrend 5. MACD in Hightime frame i.e. Weekly was flat. 6. Stochastic RSI in Daily and 2HR time was in Oversold region. In weekly TF it was nearing Oversold Region 7. The script was in the Support Zone with Strong Buildup.
Overview: As per our analysis, the script breaks the Triangle pattern . The script may witness the huge move. As per our though we call this script will be brakes in bullish side.
Hence, we can go Long once the breakout happens with small quantity and once pull back (like Bull Flag etc) or Retest we can add the script (For Conservative People) For Aggressive and for good Risk to reward: We can go Long now with value of 199-203
SL - 199 - 1ATR.
EMA
Stochastic RSI
ATR
MACD:
Consolidation Phase:
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Comment
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ITC was forming in inverted H&S in uptrend
Trade active
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Trade is active and bought at 206.25 on 30-Aug-2021 SL - 196.20
Thanks lot, one suggestion is needed....I have 215 CE @30th Sep @ 4 rs with quantity 25600....Do i get cost to cost at least ? Any guess how soon i may get cost to cost....I am seeing this script is 6th straight session closing in red.
Caapinves
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@sukumar7879 - before 3rd week. cost of 4 rs will be come... but I suggest you to hedge your position 1:1 ratio to avoid huge loss
Caapinves
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@sukumar7879 - Also if you need to learn option hedging.. contact us... Thanks for your comment. Do support us
sukumar7879
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@Thenali_Views, Sure..I will get in touch with you....I am suspecting cost rs 4 will come before Sept 3rd....
newbieintrading
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@sukumar7879 don't worry bro... u'll get ur cost price. btw u bought 8 lot without hedging. don't u know. naked options r always risky.. anyway ...good luck... itc always rocks when market is flat or negative (:p)
Somanathrout
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@sukumar7879,
If this stock closes above 209 this week, then 215 ce can give you a good return. Just pay for it. Option buying opportunities always end up with a loss if the chosen scrip has short build up.
sukumar7879
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@Somanathrout, You are right bro Option buying opportunities always end up with a loss if the chosen scrip has short build up......I am suspecting this will go below 200 with in a week or earlier... See the OI built at 210 CE hence i am suspecting...
Caapinves
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@sukumar7879 - Yesterday script has reached high at 4.45. have got your cost at least
architk
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just for fun. Whole community of investors is waiting for its breakout.
Keep up the good work though. Also do you mind to post this analysis by using higher TF pivots as well. would appreciate it. thanks