In ITC we can see a recent breakout in Weekly Chart with very good volume. An upside above 263 can take the stock around 280-285 in short term. For long term (6 months to 1 year) we can look at target around 310-320+.
A retrace if possible this week then one can accumulate around 250-245 as well.
Stop loss in the trade should be 230 below strictly.
Long long Reliance share. in coming days ready for the BO level. consolidation can be seen near the major resistance level. Can add more stock at the current price . Once Bo we can easily touch the level of 2775-2800. Good volumes can be seen on charts. This is for your educational information only.
Pattern failures are more profitable than regular trading patterns. One of the phenomenon can be seen on CHOLAFINANCE chart. A Head and shoulder pattern formation followed by a breakout of the neckline. But the prices immediately came back above the neckline & holding it successfully. This can be taken as pattern failure for H&S formation. One should go long with...
Hindalco was bullish in previous week. However, simple pattern seen on daily chart.
Logic for shorting::
1. RSI Divergence indicated it will go down.
2. Head and shoulder pattern - Entry at second shoulder.
3. Short SL (SL :: 507)
Short below 485 level. TGT1 468, TGT2 451+++
Option Buyers :: Buy HINDALCO OCT 460 PE if crosses 16.50 :: SL 14.00 :: TGT 18.50 ,...