Trade Idea of The Day - ITC Limited Target Rs.7 - Religare Broking Ltd
ITC Limited
BUY 23 NOV 280 CALL SELL 23 NOV 290 CALL Entry Range 2.5 – 3 Target 7 Stop Loss 1
Rationale
• ITC has witnessed a strong bullish reversal after an extended consolidation phase, registering a sharp upward move and reclaiming the key moving average of 100-DEMA. The sustained trading above this zone could establish robust positive momentum for the near term.
• From a technical perspective, the stock has decisively surpassed its crucial horizontal resistance near the 275 mark, also coinciding with the 20-WEMA zone, indicating a potential trend reversal and fresh buying interest.
• Momentum indicators remain supportive, with RSI hovering above the 60 mark, reflecting strengthening bullish traction. Additionally, MACD has generated a positive crossover, accompanied by expanding positive histogram bars, reinforcing the upward bias.
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