Buy ITC
| CP# | 244.35 |
| Idea | BUY |
| Buy Range | 237 – 243 |
| Target | 257 – 262 |
| StopLoss* | 233 |
| Duration | 15 – 20 Trading Sessions |
| Potential Returns^ | 7 – 9% |
| CP# | Idea | Buy Range | Target | StopLoss* | Duration | Potential Returns^ |
| 244.35 | BUY | 237 – 243 | 257 – 262 | 233 | 15 – 20 Trading Sessions | 7 – 9% |
# CP – closing price on Dec 19, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 251.
^ Potential returns are calculated based on the median of buy range.
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COMPANY OVERVIEW
ITC is an Indian conglomerate company operates in FMCG, hotels, paper & packaging, agri business, packaged food and confectionary, Information Technology and personal care. ITC’s have won numerous national and international awards for quality, productivity, safety and environment management systems. The company has few popular brands in it’s portfolio, e.g. Sunfeast, Bingo!, Yumitos, YiPPee!, Candyman, GumOn, Aashirvaad, Classmate, Fiama Di Wills, Vivel, Engage, Wills Lifestyle, John Players, Mangaldeep and others. In Q2FY20 the company has posted Net Profit of Rs.4,119.16 crore as against a net profit of Rs.3,004 crore in the corresponding period last year, registering a growth of 37.12% in the bottom line.
| Stock Data | |
| NSE Code | ITC |
| Sectoral Index | Nifty 500 |
| 52W High | 310 |
| 52W Low | 234.05 |
| Face Value | 1 |
TECHNICAL OBSERVATIONS (WEEKLY)
- On the weekly chart, the stock has been trading with it’s upward rising trend line since last many months, and it seems that it could continue with its ongoing move.
- This support line has a strong base as it was tested earlier multiple times.
- Buy Dips, Sell High is a trading strategy where one can buy at the support and sell at a higher price.
TECHNICAL OBSERVATIONS (DAILY)
- After hitting the base support, the share has been moving higher high, higher low on the daily chart. This turnaround of the price structure after the last month downfall presents a fresh buying opportunity in the stock.
- There is a trendline breakout from downward resistance line on daily charts.
- +DI crossing above 20 and -DI indicates buying momentum and probable further rise.
CONCLUSION - ITC SHARE PRICE FORECAST
LIVE UPDATE - POSITION & ACTIVITIES
Position: Long ITC at ₹ 241 | Goodluck Capital by GoodluckCapital on TradingView
Position: Long ITC at ₹ 241 | Goodluck Capital by GoodluckCapital on TradingView
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A classic Descending Channel formation on L&T Finance Holdings Limited. On top of that, price is just near the Resistance. A perfect selling point with a minimum expected profit of 7-10%.#l&tfh #technicalanalysis #trading #tradingtips #investments https://t.co/3GAtQrFoae
— Goodluck Capital (@CapitalGoodluck) December 6, 2019