ITC Ltd - Breakout Opportunity
Updated
Date: 18-Jul-2024
LTP: Rs. 470.25
Targets: (1) Rs. 481 --> (2) Rs. 499 --> (3) Rs. 532
SL: Rs. 433 on daily close basis
Technical View:
•
ITC was going through primary downtrend since Jul-2023.
• After touching the high of 481.45 on 4-Jan-2024, it has retraced 17% to 399.4 level and it has retraced 20% since Jul-2023.
• On 15-Jul-2024,ITC has broke out from its primary down trend with higher volume.
•ITC is trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 78.79 and MACD is trading at 9.64. Indicating bullish momentum.
• Looking strong to start an uptrend.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 470.25
Targets: (1) Rs. 481 --> (2) Rs. 499 --> (3) Rs. 532
SL: Rs. 433 on daily close basis
Technical View:
•
ITC was going through primary downtrend since Jul-2023.• After touching the high of 481.45 on 4-Jan-2024, it has retraced 17% to 399.4 level and it has retraced 20% since Jul-2023.
• On 15-Jul-2024,
ITC has broke out from its primary down trend with higher volume.•
ITC is trading above 20 DMA, 50 DMA and 21 DEMA.• RSI is trading at 78.79 and MACD is trading at 9.64. Indicating bullish momentum.
• Looking strong to start an uptrend.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
Note
23-Jul-2024--------------
LTP: Rs. 492.20
1st target of 481 reached. 5% up from suggested level.
Note
26-Jul-2024--------------
LTP: Rs. 502.20
2nd target of 499 reached. 7% up from suggested level.
Disclaimer
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