Technical Analysis of ITC Stocks for Short Term Trading – June 28, 2022

short term trading stocks

Stock Recommendations
by Ruchit Jain Last Updated: 2022-06-28T17:30:46+05:30

Looking for short term trading stocks? Find out the stock pick for today.

Short Term Trading Pick for the Day -

Short-term trading involves trading strategies in the stock markets in which the period between the buying and selling of the stock is within a range of a few days to a few weeks. 
 
Short-term trading can give you high returns but it can also be risky. A short-term trade can last from as little as a few minutes to as long as several days. To succeed in this strategy a trader must understand the risks and rewards of each trade.

Recommendation

BUY

Buying Range

272-270

Stoploss

262

Target 1

282

Target 2

290

 

1. The stock has been forming a ‘Higher Top Higher Bottom’ structure and is thus in an uptrend.

2. The prices are trading in a ‘Rising Channel’ and have resumed the momentum from the support end of the channel. 
 

ITC Chart

 

3. The ‘RSI Smoothed’ oscillator has given a positive crossover and is in a Buy mode.

4. Hence, we advise traders to buy the stock in the range of Rs.272-270 for targets of Rs.282 and Rs.290 in next 2-3 weeks. The stop loss for positions should be placed below Rs.262. 
 

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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