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...
Price is in string downtrend and it is trading lower. Price breaks down from a two-week consolidation with a long widespread bar. The momentum is accelerating on the downside. Sell for a decline to 395.
Sell at: 424
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
Price shows a bullish inside-out pattern and we see price breaking out of a falling trendline again a bullish development. On the lower time-frame, we see a bullish Gartley pattern.
Buy at: CMP
IndusInd Bank is moving up on a high volume candle and looking bullish. It has broken the downtrend sloping trendline and will be a good buy above the pivot at 1485.
Buy at: above 1485
Ultratech cement breaks below a consolidation pattern with a widespread price bar closing near the low price. Notice the break in the rising trend line which also adds to the bearish scenario.
Short at CMP : 4502
Target : 4350
StopLoss : 4574
Short in Auro Pharma.
Prices are in a strong downtrend and we see price showing a corrective bounce towards the falling trendline and at the flat horizontal level.
Sell at : 642
Target : 600
Stop Loss : 664
Risk Reward Ratio : 1:2