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ITCGX trade ideas

ITC is trading at ₹474.65, Nearing a BreakoutITC is trading at ₹474.65, nearing a breakout from a falling trendline with rising volumes. The stock rebounded strongly from support, surpassing its 200-day EMA and trading near the 20-day EMA, reflecting bullish momentum. RSI at 45.57 indicates potential upward strength. Sustaining above ₹490 could lead to a target of ₹520, with a stop loss at ₹452, offering a favorable risk-reward setup. Disclaimer: Consult certified experts before making investment decisions.
NSE:ITCLong
by Sidhyartha1
1
What's happening in ITC?ITC daily chart: After completion of Normal or Trending Impulse, the price falls. We can see clearly that the first leg of this fall looks like an impulse (shown by red 1-2-3-4-5), which is wave A of Zig-zag. Then price retraced to 38.2% forming wave B. Currently, wave C is developing in ITC. The minimum fall for this is 61.8% extension, which is near the 459 level. Remember that this is a minimum fall for any Zig-zag pattern. If the price breaks 459 and starts trading below it, the target of 100%, which is near 438.85, will be achieved. (This also fulfills the Rule of Equality). This analysis is based on Elliott Wave theory and Fibonacci. This analysis is for educational purposes only.
NSE:ITCShort
by theprofityogi
ITC - Upward Leading DiagonalIt seems ITC has probably formed a base after consuming a good demand zone on 75 Mins TF and as per Dow Theory model, making higher lows and higher highs. As per my primary rationale of Elliott Wave analysis, it is forming a leading diagonal structure for Wave 1 on 75 Mins TF chart as shown hereby. We can confirm this once it consumes some demand at Wave 2 downwards and makes higher highs rally to initiate Wave 3. In case, it doesn't come to Wave 2 at around 420-425, then we may look for how price action and Elliott Wave Model plays out once it crosses 450 upwards breaking a good supply zone of 440-448. If it breaks Gann Square of 9 number - 463 upwards, then it will be confirmed that upward impulse wave has started yet again and may try to establish All-time highs again. But let's go step by step and see how the model and market sentiments work out/align beautifully in future. Take this as education post for Elliott Wave structure model and play around/perform exercises from your side too on various time frames.
NSE:ITCLong
by champvimal