ITC chart is looks for a direction... Long position can be initiated after successful test of 246 level, with a stop loss of 234. Not sure whether this counter offers a decent trading oppurtunity for anyone. I took 3 trades and exited all of them with a loss. Can't get to my head around this stock...
@TUSHARINTRINSIC, Poor execution on my part. Took up a long position on 7/10 @ 252 in future with SL at 246. Once the SL is hit, went short @246 with a SL @ 249, only to see it hit SL and turned around again. I was trading with futures and did not plan for future prices, in relation to underlying. So kind of had a plan but poorly executed/managed. Still working on that part of trading. BTW thanks for the question.
@TUSHARINTRINSIC, No. I think it has bottomed out @ 235 level. But it is still not out of the woods yet. It needs to cross resistance at 264, which will offer a target of 272/294. So already long means can keep a tight stop @ 254. However it is an ideal stock for a long term investor, SIP or parking money. It won't lose much even if the market turns down. It is played as a defensive stock.