Our sell call on ITC Ltd achieved target in just 2 days, Profit = Rs31,500/-

The Bear’s Ride Positional Technical Call on ITC Ltd. given on June 27, 2010 completed the final target of Rs. 296-294 on June 29. Refer the link below for our first posting...

http://www.stoplosstrade.com/2010/06/lets-have-bear-ride-on-itc-ltd.html

The recommendation was to go short in the counter with the strict stop loss of 1% placed at the price of Rs314.5. The technical indicators were all indicating towards an impending correction in the scrip. The counter went for a major correction after it was posted. As indicated in our posting the scrip went for a downslide to the final price target of below 295 levels.

Hence, sell call given at 309 and target achieved at 295, total gain of 14pts.

Profit = Rs 14 * (2 x 1125) { We reco minimum 2 lots} = Rs31,500/-

-Akash Singh, Technical Analyst, SLT