ITC
Ltd on a daily chart stock price is making higher high and higher low pattern with
increase in volumes, indicate positive outlook for the stock price. Technically
on daily chart stock price at Rs. 234.50 has given the breakout of descending triangle
pattern, also we witnessed a double bottom pattern, indicate stock price can
rally towards previous high swing, which look most likely. Momentum Oscillator
MACD has given the positive crossover, which add more bullishness for the stock
price.
If one were to go by the
volume data, a higher upswing is seen on the stock price. Trader or investor
can accumulate at Rs. 234 for the target of Rs. 258 levels, with Rs. 222 stop
loss on closing basis.
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