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Published on 12/08/2020 11:37:32 AM | Source: ICICI Direct

Gladiator Stocks - Buy ITC Ltd For Target Rs. 233 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #ITC Ltd #Consumer Goods Sector #Trading Report #ICICI Direct

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ITC (ITC): Base formation at 24 year’s rising trend line offers fresh entry opportunity with favourable risk reward…

* The stock has anchored secondary corrective phase in the vicinity of 24 years rising trend line (on a monthly closing basis) and undergone a base formation over past five month, indicating accumulation at key support zone. During this base formation stock has been bouncing from lower band of upward sloping channel (as shown in daily chart), indicating buying demand emerging at elevated support base. Currently stock is on the verge of resolving out of past two months consolidation (|209-191). Thereby offering fresh entry opportunity with favourable risk reward to ride next leg of up move

* Structurally, we believe stock has approached its time wise maturity of intermediate corrective phase as it has completed 11 quarters correction which was seen during 2006-08. Thus we believe stock is poised at key support zone

* We expect the stock to resolve higher and head towards | 233 in the medium term as it is near 80% retracement of Nov’19 to Mar’20 decline (| 266- 135) placed at |240

Buy ITC Ltd @ 198-205 Target 233 SL 183.00

 

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