the stock is no ones favourite now , been India ' s biggest wealth maker , now set for something huge huge enough to surprise !!!
the stock looks to set for a rally of 12/15% in coming days , if continiously holds 490 on closing basis ! even a 20% move cannot be denied .
better to stay long on dip in the counter , looks set for a 50% or more upside ! in couple of months !
will like to stay short on rally in this counter at levels
i personally do not trade in such companies but its just when i came across the charts , i thought its a good chance to get easy 3/5% intraday trade ! , dual bottom followed with an rsi divergence ...
i actually missed it n now just realised at 2 am that such a formation taken place in nifty
view based on the overall structure of market !
the chart structure suggest something positive in the company on the way , if am able to read it right 80 is not a surprising task for the stock in next 7 sessions ...
risk reward better on long side technically !
2 scenario under construction in the stock as even described in charts .
results on the way , i am expecting a positive move in the counter of more or less 17 % or so .. on the basis of levels from different calculations ,
i will look for long side and will definitely try to go long and instead of shorts ,for this month ....
my stance is bullish but at levels so will like to buy at lower levels , already nifty and banknifty are oversold . a bounce and consolidation very llikely.
the structure of itc is kinda of range bound to negative , as the markets wee falling it tried to stay sideways , but once there will be some seeming positivity in the market this stock too will join the RED PARTY ,atleast a 4/5 5% FALL is easily visible .. if unable to cross the hurdles on the upper range
all the important levels are mentioned in chart
I see some sort of correction in it sector to balance the one way rally ... but the correction will again get over soon looking at the earning season into picture as well as the usd inr depriciation will generate better revenue story for these stocks like tcs infy etc