ITC is consolidating at such a level that it is definitely not worth the mss. The last trading price of ITC is around 217 and I am we cannot have a better chance than this to create a long position. However, please read this completely before taking a position otherwise you might incur a loss.
Chart analysis
The oozing out of selling pressure indicates exhaustion of sellers around critical support. This is a strong bullish sign. However, since the results took a beating on the stock, I am recommending going with March F&O instead of February. I am expecting a sharp recovery in the stock. We might hit the stop loss here however the Risk to Reward is just too good to not take a risk here.
Buy March Futures Only.
Lot Size: 3200
Margin: 1,52,700
Keep SL of 2 points only at 215 on the spot price.
Targets: 232, 236, 244, 251
Profit at Targets:
At 232 (44,800 or 29.3% ROI), At 236 (57,600 or 37.7% ROI), At 244 (86,400 or 56.6% ROI), At 251 (1,08,000 or 70.8% ROI)
Max Loss: 2*3200 = 6,400 (or 4.2%)
Risk to Reward at T1: 1:7
Please note, that I am not a registered advisor and this should be used only for informative purposes. You are advised to consult your advisor before investing.
Chart analysis
The oozing out of selling pressure indicates exhaustion of sellers around critical support. This is a strong bullish sign. However, since the results took a beating on the stock, I am recommending going with March F&O instead of February. I am expecting a sharp recovery in the stock. We might hit the stop loss here however the Risk to Reward is just too good to not take a risk here.
Buy March Futures Only.
Lot Size: 3200
Margin: 1,52,700
Keep SL of 2 points only at 215 on the spot price.
Targets: 232, 236, 244, 251
Profit at Targets:
At 232 (44,800 or 29.3% ROI), At 236 (57,600 or 37.7% ROI), At 244 (86,400 or 56.6% ROI), At 251 (1,08,000 or 70.8% ROI)
Max Loss: 2*3200 = 6,400 (or 4.2%)
Risk to Reward at T1: 1:7
Please note, that I am not a registered advisor and this should be used only for informative purposes. You are advised to consult your advisor before investing.
Comment:
Didn't close below 215. A gap up is expected on Monday. Still holding this position.
Comment:
SL hit with a gap down. Will re-enter at 205 with a Stop Loss of 201 and the same targets above.
Trade closed: stop reached:
Stop Loss Hit: Booked 15k Loss on Gap Down Opening. Reopening a fresh idea for the same March Futures.
