ITC -Sell In The Channel below 185-186 zone for 167

AbhishekHSinghCMT Updated   
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Trading Strategy

Our Bias still remains a downside close to 190. Last update -It was mentioned -sell strictly below 176-177 - crossing 176-177 - stock pushed upside

Plan A - Safe Traders
They sell if stock slips below 185-186 zone for 165-167 target zone - book partial profits if you can't hold the market turbulence or you feel like booking profits

Plan B- Risky Traders
They buy if the stock holds & moves above 190 strictly for 194/196 zone upside where you need to careful as profit bookings can come & stock may start falling later


"Nifty / Auropharma updates have been put in last nifty idea - The Final Touch- Can we get 8700"

If read behind the lines & ask a question to yourself - why I picked the title - "The Final Touch" which was the continuation of sell from the highs of 9850 -previous ideas of Nifty- Wonder Waves Part 1/2/3 ideas & later selling channel tops at 9850"- you will get the answer for the recent rally which Index had from 9200 to 9500+


Thanks & Have a nice weekend!
Trade active:
09:28 Hrs / 29th May 2020

Last Price @ 193.65

Risky Traders Target Touched -----------------------194 ----------Target Kissed! - Follow Trading Strategy Mentioned Above
09:33 Hrs / 29th May 2020

Last Price @ 193.55

Trade active:
10:11 Hrs / 29th May 2020

Last Price @ 196

Market Gives Correct Sign - Passed - 2nd Target Achieved for Risky Traders. Enjoy Your Weekend.

Trade active:
10:46 Hrs / 29th May 2020

Last Price @ 195

Plan B ----------------------achieved & done completely at 196 -------Profit bookings can come & stock may slip from this zone if goes & holds below 195-196.

Kindly follow proper risk management for trading. Thanks & Have a nice weekend.
Trade active:
12:45 Hrs / 29th May 2020

Last Price @ 193.50

This would be the best trading day as upside booked at 196 (Plan B) & Selling started exactly at the tops @ day high-196.50

Kindly manage your risk while trading that is the important lesson -a trader should learn.

If Moves above 195-196 zone - Trader should avoid all sell positions & Just enjoy. Thanks

Trade active:
13:42 Hrs / 29th May 2020

Last price @ 195.65

As suggested earlier -------------All selling should be done only below 195-196 zone - Kindly avoid any trades if moves in 195-196 zone & go above.
Trade active:
14:52 Hrs / 29th May 2020

Last Price @ 196.85

Possible Wedge or Ending Diagonal - which suggest that structure could top out close to 195-196 zone

So, dear followers keep a watch as this could be lucrative trade for the week.

Kindly do not consider this trade if holds above 195-196 zone (strictly)

So selling below 195-196 zone only

Trade active:
15:18 Hrs / 29th May 2020

Last Price @ 197.45

It is advisable selling only next week below 195-196 zone as important zone with happy mind rather than carry positions in the volatile market.

Going above 200 - This idea gets invalidated & closed - where the review would be required for the next strategy.
Trade active:
15:22 Hrs - Day High @ 198

15:27 Hrs -

Trade active:
08:13 Hrs / 1st June 2020

As Asian Markets are Positive - Traders should look to sell below 195-196 zone or if you get a chance close to 200 that too post-observation that it halts below 200 marks.

Strictly ------------------------No selling --------------------------if crosses above 200 mark.
Trade closed manually:
09:44 Hrs / 1st June 2020

Last Price @ 201.50

Day High @ 205.50

Warning ------------------Warning -----------------Warning ----------Extremely Risky Trade-------

As suggested no selling if crosses above 200 mark. This pattern might have ended close to 205
But ---------------------I will not suggest selling to anyone if he cannot take the risk - Current trade is extremely risky with stops above 206 & Target downside is 185-186 zone

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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