ITI Technically looks Good. Potential stage 2 Underway.
Updated
📈 Stock Analysis: Indian Telephone Industries Limited (ITI) - Daily Chart 📊
🟪Setup Overview:
➡️Entry Zone: ₹408.65
➡️Current Price: ₹379.20
➡️Stop Loss: ₹323.70 (Closing Basis)-Deep SL. Manage risk and position size properly.
➡️Target 1: ₹501.20
➡️Probable Long-Term Target: ₹718.85
🟪Key Observations:
➡️Volume Spurt: Recent bullish candles are accompanied by notable volume spikes, indicating accumulation and strong buying interest.
➡️Range Breakout in Progress: The stock has been consolidating in a tight range for several months and is now showing signs of breaking out above the upper boundary.
➡️Technical Strength: The breakout aligns with a well-defined risk-reward setup.
Higher volume near resistance increases the probability of a sustained move.
➡️Risk-Reward Ratio: With the stop-loss defined at ₹323.70 (closing basis), this setup offers a favorable risk reward for positional traders.
➡️Sectoral Support: ITI is part of a growing sector with robust demand potential, which adds a fundamental tailwind to this technical setup.
🟪Strategy:
A decisive close above the Entry Zone (₹408.65) could trigger the next upward leg toward Target 1 (₹501.20).
Long-term investors can look for a potential rally toward ₹718.85 if the trend sustains.
Maintain strict discipline with the stop-loss to manage risk effectively.
⚠️Fundamentally very weak.
⚠️Still we are in a sell-on-rise market.
⚠️High Chances of breakouts failing. Once again reiterating the importance of risk management.
📢 Disclaimer:
This analysis is for educational purposes only and should not be considered investment advice. Please do your own research before making any trading or investment decisions. 🙌
🟪Setup Overview:
➡️Entry Zone: ₹408.65
➡️Current Price: ₹379.20
➡️Stop Loss: ₹323.70 (Closing Basis)-Deep SL. Manage risk and position size properly.
➡️Target 1: ₹501.20
➡️Probable Long-Term Target: ₹718.85
🟪Key Observations:
➡️Volume Spurt: Recent bullish candles are accompanied by notable volume spikes, indicating accumulation and strong buying interest.
➡️Range Breakout in Progress: The stock has been consolidating in a tight range for several months and is now showing signs of breaking out above the upper boundary.
➡️Technical Strength: The breakout aligns with a well-defined risk-reward setup.
Higher volume near resistance increases the probability of a sustained move.
➡️Risk-Reward Ratio: With the stop-loss defined at ₹323.70 (closing basis), this setup offers a favorable risk reward for positional traders.
➡️Sectoral Support: ITI is part of a growing sector with robust demand potential, which adds a fundamental tailwind to this technical setup.
🟪Strategy:
A decisive close above the Entry Zone (₹408.65) could trigger the next upward leg toward Target 1 (₹501.20).
Long-term investors can look for a potential rally toward ₹718.85 if the trend sustains.
Maintain strict discipline with the stop-loss to manage risk effectively.
⚠️Fundamentally very weak.
⚠️Still we are in a sell-on-rise market.
⚠️High Chances of breakouts failing. Once again reiterating the importance of risk management.
📢 Disclaimer:
This analysis is for educational purposes only and should not be considered investment advice. Please do your own research before making any trading or investment decisions. 🙌
Note
Rejecting From resistance. Nonetheless, keep this on Radar. Trade active
33.2% in a few trading sessions. Book partial. 
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