After a constant uptrend ITC has been defying the market trend for the last 4-5 days and has been consolidating while the market has been making new highs.
A triangle formation can be seen, however if the price breaks away to the upside, we can expect the high of 1st of June to act as a crucial resistance area and a breach of the same can take the price to 217 levels. However there are a lot of support zones on the downside. Levels of 194 will have to be watched closely post which the zone of 187-185 looks strong.
A lot will also depend on how the markets opens up, with SGX nifty gearing the nifty up for a strong start watchout for the breakaway levels and then take a trade.
A triangle formation can be seen, however if the price breaks away to the upside, we can expect the high of 1st of June to act as a crucial resistance area and a breach of the same can take the price to 217 levels. However there are a lot of support zones on the downside. Levels of 194 will have to be watched closely post which the zone of 187-185 looks strong.
A lot will also depend on how the markets opens up, with SGX nifty gearing the nifty up for a strong start watchout for the breakaway levels and then take a trade.