Short ITC but only a retracement

1 May 2016

While I do believe in Nifty there has been a discontinuation of the downtrend there are possibilities of some retracements before we head up to break the swing highs. On ITC we can see that price tested above the trand channel 3 times before failing down and it has been in a range as shown in the box. There could be liquidation and the gap which is left could be cleared this week.