August 11, 2015
ITC (NSE Cash)
BUY
` 304
` 317 - 315
` 340
14 - 21 sessions
Daily Chart
Breakout point
Source: Falcon (Chart Time: 09:35 IST)
Justification:
This stock has been a laggard since past few months. After a sharp fall from the all time high of `402.62 post the Union
Budget; this stock consolidated within a range of `320 - `290 for quite some time. Last week, we observed a first sign
of strength as the stock prices confirmed a ‘Higher Top Higher Bottom’ formation on the daily chart for the first time in
past few months. This can also be termed as a breakout from the ‘Multiple Resistance Zone’ of `322 on a closing basis.
Due to lack of follow up buying interest, the stock prices have given a pull back towards the breakout point. But, going
forward, we expect this momentum continue over the next few trading sessions. Thus; traders can look to buy this
stock for an immediate target of `340 in coming 14 - 21 trading sessions. The stop loss for this trade set up can be
kept at `304.
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August 11, 2015
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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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