Nifty 50 Stock Analysis Series - 7th stock - ITC
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My Analysis:
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** Daily Timeframe **
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1. was in channel pattern till 15th Sep and got a breakout, surged to Rs.260 with little retest.
2. Then, the correction wave (ABC) started and is in the C wave. It may reach Rs.210 in the next 1-2 weeks.
3. MACD is also below. So, wait for now.
4. Target 1 - it may go up (10% at least) to Rs.240
5. Target 2 - it may go up (20% max) to Rs.260
6. Wait for entry. Entry and target points are marked in the chart.
Note:
I'm not recommending buying this stock. This is for education purposes.
This is my view, based on my learning.
Please do not trade without your own conviction.
Please invest after careful research. I'm not responsible for your profits/losses.
- Gnanasekaran
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My Analysis:
----------------
** Daily Timeframe **
----------------------------
1. was in channel pattern till 15th Sep and got a breakout, surged to Rs.260 with little retest.
2. Then, the correction wave (ABC) started and is in the C wave. It may reach Rs.210 in the next 1-2 weeks.
3. MACD is also below. So, wait for now.
4. Target 1 - it may go up (10% at least) to Rs.240
5. Target 2 - it may go up (20% max) to Rs.260
6. Wait for entry. Entry and target points are marked in the chart.
Note:
I'm not recommending buying this stock. This is for education purposes.
This is my view, based on my learning.
Please do not trade without your own conviction.
Please invest after careful research. I'm not responsible for your profits/losses.
- Gnanasekaran
Trade active:
Price reached expected - Rs.210; one can enter now cautiously