Published on 9/01/2018 4:25:08 PM | Source: Choice Broking Pvt Ltd
Buy ITC Ltd For Target Rs.284.50 - Choice Broking
* On a weekly chart, the stock is bouncing back after taking a strong support of around 250.50 levels which is 61.80% retracement level of its previous up move from the 179.52 to 366.85 level.
* On a daily chart, the stock has given breakout of its Downward Sloping Trend line which suggests an upside movement in the counter.
* The stock has given a breakout of consolidation range in which it was trading from last few weeks which shows a positive trend in the stock.
* Moreover, the stock has been trading above its 100-DMA which is placed at 266 level which shows that the trend has changed to up and the stock could further accelerate its upside movement from the present level.
* A daily momentum indicator RSI reading is at 64.44 level with a positive crossover, as well as, it has given a breakout of its downward falling trend line which points out for a positive breath in the stock.
* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.
Buy ITC Ltd @ 268.00-270.30 StopLoss 261 Target 284.50
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