Buy ITC 268 above is not worry for target 278 nearby and if the cross and close above 278... then spike up to 286-292.
This stock is really good for investors. Let me show you the daily chart with projection.
Blue Sky Day No Repaint Strategy is suggesting to:
BUY NSE:ITC 298.05 TGT 300 SL 297.50
Blue Sky Day No Repaint Version:
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Price trading at value low with created an excess.
Waiting for the tail to enter the direction of the long side for target 294 nearby.
Buy in a dip(when down spike) 268-269-271 are a good level for entry.
ITC is in rangebound between 270-280 from the last month and is expected to be in the same range for this month too.
we can execute Butterfly Spread in ITC if we are expecting the same range.
The following contracts need to be taken to execute the strategy:
ITC JUL 25 2019 Call 280 2400 2.3
ITC JUL 25 2019 Call 275 -4800 4.1
ITC JUL 25 2019 Call 270 2400...
ITC has been consolidating in a tight channel for about five weeks and is near a breakout. It is also seen in the last many budgets that traders build short position ahead of the budget day, anticipating more tax on the company and cover their position on the day.
A similar sharp move above 279 is expected to take stock to 288/304.
Buy Price: Above 279
with stoploss of 274.20 one can buy for .382 or .618 retracement levels.
it may take suppor there or may break the trendline.
It has tested this trendline for many times so if this trendline is broken then it may fall sharply.
Seems Testing Weekly Support Line
Support Zone near 275-270
- If Break Down below 270 will lead to test next support zone 260-252
- If Price Take support near 275-270 & Reverse it may go up till 300-310 Zone again
- Open Interest Data Shows 275 is good Support to hold for June Month.
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