ITC, as predicted in the last 2 posts on ITC (linked below) is trading in a value area. Today, it made a huge bullish marubuzo traversing the range of value area and closed just below the resistance of 203. However it did so with lot less volume when compared with its past breakout; which is primarily why I don't see it sustaining the bullish behaviour.
The effects of Earning Release are already history, however a pending Dividend declaration may drive the stock upwards. 206 is the key level to watch out for that to happen. Also look out for volumes in play.
The stock may see some upward movement before commencing its downward journey. Short below 203 for Targets of 200, 197 and 194.
If it sustains 206 with high volumes - Buy 205CE or 210CE July options and sit back relax, buy some sunfeast biscuits (please do not smoke!) & wait for it to make new highs.
In case of gap openings; follow ORB on 15 min candle.
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Gap UP Opening but NIFTY in a bullish mode Buy above 206 Sell below 203
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Fight the urge - sell only after close below 203 on the 5 min chart
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Let it close below. Don't create SL orders and get trapped as 203 would act as a Support for the uptrend and a SL for Long Orders.
Operación activa
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Sell Triggered at 202.8
Operación activa
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Target 200
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SL 205
Operación cerrada: precio stop alcanzado
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That was a bad SL - should have kept it above 206. RRR = 1 screwed me up. Lesson learnt there. A close above 203 is definitely a positive bullish move. 206 still holds for tomorrow's trades. If there is gap down - will go long.
Those interested can try STBT at 205 levels. market should restart from 203 tomorrow.