Trade Idea of The Day - ITC Limited Target Rs. 14 - Religare Broking Ltd
ITC Ltd
BUY 25 AUG 280 PUT Entry Range 6 – 7 Target 14 Stop Loss 3
Rationale
• ITC continued to trade under sustained selling pressure, extending its recent bearish momentum and settled below its immediate support zone of 275, indicating further weakness.
• From a technical perspective, the price is trading below both the 20-DEMA and 50-DEMA, while the moving averages continue to slope downward, keeping the overall trend firmly bearish.
• Momentum indicators also remain weak, with RSI hovering below 40 mark, reflecting subdued buying interest. The MACD remains in negative territory, further supporting the prevailing bearish setup.
• Sustained trading below 275 may extend the decline towards 260 and 250 levels in the near term. On the upside, 280-285 is likely to act as an immediate resistance zone, and any rise towards this area may attract selling pressure.
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