September 10, 2014
ITC (NSE Cash)
BUY
`341
`355 - 351
`382
Daily Chart
Source: Falcon (Chart time - IST 09.20)
Justification:
After witnessing nearly a 20 percent up move in very short span, the stock prices slipped into a consolidation mode and since
then it has been oscillating within a narrow band of `341 - `362. Looking at the price action and a sudden increase in
volumes during the concluding hour on Tuesday, we expect the stock to come out of this five weeks congestion zone. This
development in the technical term then can be considered as a breakout from the ‘Downward Sloping Trend Line’ on the
daily chart. In addition, the momentum oscillators on the daily chart are positively poised. In anticipation of this up move, we
advise traders to buy this stock from current level up to a decline of `351 for a target of `382in coming 2 - 3 weeks. The
stop loss for this trade set up can be kept at `341.
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September 10, 2014
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Source: Angel Research
Research Team Tel: 022 - 30940000 (Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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