ITC - Killroy at 290 can fail under 265

Killroy or Inverse Head & Shoulder Pattern as termed by "Edwards & Magee in Bible book- Technical Analysis of stock trends" is a must copy every analyst should have on his desk.

ITC is facing resistance in the zone 280-290 & Killroy could give boost to ITC if it moves above 300 else failure to move above 300 & dips below 265 can spoil the ITC party.

Trading Strategy

Scenario-1
Killroy can fail if ITC dips below 265 keeping 290-300 zone intact as resistance.In that case possible retest of 220-225 later 200 & finally 175-180 zone which is nose bottom.

Scenario-2
Moving above 300 & sustaining above 290 likely measures the depth of Nose shown by orange line as target distance which is 250-180 = 70 points added above 300 gives target 370

Trade active:

12:01 Hrs 7th April2017

Last Price@273

It had a fall below 280 for 270-271 - not a convincing fall -going below 265 we should get some clue else, bounce back cannot be ruled out.
We won't hurry here & look for a bounce from ITC & then decide what to do next.

Trade active:

19:39 Hrs 11th April2017

Last Price@282

Got the bounce from 271 as suggested in the last update above on 7th April2017

Trade closed manually:

14:45 Hrs 18th April2017

Closed at 279.