Sell ITC 29 DEC 350 CE @ 5-5.5 Target 1 - Religare Broking
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Derivative Ideas
ITC shed 0.13% and closed at 339.55 on 1st Dec. The scrip after opening flat witnessed stiff resistance at the higher levels. ITC December futures added around 6% Open Interest with a decline in price suggesting formation of fresh shorts. With substantial Call selling seen at 350 strike, we expect ITC to consolidate with a negative bias and trade in the range of 350-330 in the short term, thus suggesting selling CE as per the given levels.
Strategy:- SELL ITC 29 DEC 350 CE @ 5-5.5, STOP LOSS 7.5, TARGET 1.
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