ITC Long Term Trading Idea  

Introduction

ITC is the largest cigarette manufacturer and seller in the country. ITC operates in five business segments at present — FMCG Cigarettes, FMCG Others, Hotels, Paperboards, Paper and Packaging, and Agri Business.

Observation

Stock trade in symmetrical triangle pattern that is indecisive pattern we can expect both the direction after it can be bullish it can be bearish as per trade volume and delivery percentage but today, we can see a good volume on day chart with RSI 60 breakout and above 20sma volume. after a two-time rejection of falling trend line stock making higher high and higher lows with a very good volume. after some consolidation stock can go up to the level of 474 that is my first target. and as per day chart it can touch 455 in just a few days.  keep that in mind this is a secular stock. Secular stock is nothing but a good and long-term bet stock that is not align with the economy growth. let me give you a quick example 👇

Let's touch fundamentals

stock PE is 27 which is a reasonable stock dividend is 3%, debt free 15% promotors holding that means stock is already in strong hands.

Technical Analysis & indicators   

symmetrical triangle pattern

weekly chart

Rsi

1. GE Power India received an order worth ₹1.87 crore in Indian rupees from state-owned power producer NTPC according to a Monday filing to the stock exchange.

2. Tata Motors' commercial vehicles Global wholesales and Tata Daewoo range in the quarter ended June 30 were up 6% at 93,410 units, while global wholesales of passenger vehicles slipped 1% to 138,682 units. Global wholesales for its luxury car arm Jaguar Land Rover increased by 5% to 97,755 vehicles, the release said.