Fundamental - ITC is long underdog post the tax implications. But it will increase the product's price and margin will be same. It won't impact the net profits as people are bound to die eating cigarettes.
Technical - It is currently at major support line and made two green candles. We can take an aggressive entry here as there is a consolidation on 23.6% retracement area. So it will give few points. Unless it breaks 23.6% decisively we will book there or we shall book on 38.2%. But the best target is at 61.8%.
Trade - Short ITC September 275 PE at 4.85 (Shorting Options because we want to take advantage of the consolidation if happens. It is not an upper bottom; so no futures.)
Technical - It is currently at major support line and made two green candles. We can take an aggressive entry here as there is a consolidation on 23.6% retracement area. So it will give few points. Unless it breaks 23.6% decisively we will book there or we shall book on 38.2%. But the best target is at 61.8%.
Trade - Short ITC September 275 PE at 4.85 (Shorting Options because we want to take advantage of the consolidation if happens. It is not an upper bottom; so no futures.)
Comment:
It is on consolidation. So glad we didn't buy the futures. Boring..
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