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ITCGX trade ideas

Stock of the year at important junctionNSE:ITC after having a splendid run throughout the year is now at a very important junction. It is a fairly visible H&S (Head & Shoulder) in making but breakdown looks like snowball's chance in hell. Hence that means NSE:ITC can be a good reversal candidate but only after strong close above 456 level. That should lead NSE:ITC towards 500 and then further for new highs. Breakout above 456 may look for a inverted H&S or double bottom breakout. Things are difficult for equity market but the course of this war shall be decided in upcoming days when we will know the participating countries and fronts. One can add NSE:ITC at current levels if they have missed the rally throughout as it is holding on its levels, 432-430 shall act as stop loss. A closing below these levels shall trigger the breakdown of the above-mentioned H&S. We have 2 inside bars in last 4 candles which also indicate accumulation at current levels. It will be very exciting to see which way these positions move. If a breakdown takes place then NSE:ITC will move towards 415-420 levels otherwise this trending stock should remain the contender for more upside this year and further.
NSE:ITC
by Abhyuday01
1
ITC UPDATEAs.said.to take hedge against st long. Also said to wait for 15 min to take hedge. Today ITC didn't came down below 443 in first half and so no hedge should be entered. Even though if entered there is minimal loss. Also.said.in conclusion that ITC should resume its uptrend from today. ITC closed.at 447 again and above resistance. ITC is in narrow range an it can expand on upside may be from tomorrow or day. Conclusion Hold long. Cash purchase is advised. Close hedge if opened.Given to close hedge on break above.446.
NSE:ITC
by Trendz9
2
ITC: UPDATE.Since you may have bought ITC on our analysis, We are giving update. We have bought ITC and not worried as we can hold it if it comes down to 385 also. But since you all may get worried if it break as it had closed at 442, And so I am updating on ITC. First of all we see ITC movement, it had tried to break bellow neck line 3 to 4 times but was unsuccessful. Then it break above resistance of 446 and then again came down to 442. This simply means buying is comming at 438 and selling g at 450. Secondly it again had stuck in narrow range, which should have expanded today. Now since we have bought it at 447 we are in loss of 5 Rs. If bought in cash then there is no.wory only holding g period will increase , but if bought in f & o then hedge your position by selling 440 call. If ITC close above 446 then close call with 3500 loss and let long carry on. If ITC close bellow 440 then carry both short call and long ITC till 435 is taken out. If 435 is taken out close long and carry on short call. 440 call is @10. In second senerio call will become 0. Wait for first 15 min before taking hedging decession. As said earlier in nifty analysis that option is for those who can bear loss. Who cannot bear loss they can buy only in cash. We have marked green support line which is neck line. It is strong support. ITC had made lower high in last 3 days. So again low of 3 days before too falls near support line. Conclusion ITC may resume its upward journey from Monday onwards provided it hold 440.
NSE:ITC
by Trendz9