Trade Setup – HINDZINC & ITC

HINDZINC: Pause Before the Next Move

For Spot and Future Traders:
NSE HINDZINC has formed an impulsive cycle from the low of 453.50. The structure has occurred wave (3) at 656.35, and started falling for the final wave C of corrective wave (4). Traders can expect 569 – 570.7 as a demand zone for the reversal. The marked green area is the reversal zone for the current prices.

After the accomplishment, the price should provide the momentum for the new high. Upside targets can be 620 – 640 – 668+.

For Option Buyers,
As long as the price stays below 590, PEs buyers remain active, but momentum is likely to slow near the 569 – 571 demand zone. If price struggles to break this zone or shows rejection, PE buyers should start exiting, and PE writers should become cautious. A clean breakdown and hold below this zone is the only case where PEs continue to make sense.

CE buyers should stay inactive until confirmation. Only shift focus to CEs if price holds above the demand zone and shows a clear bounce or base. Once confirmed, CE activity can build for an upside move. 

For Option Sellers,

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NSE ITC – Elliott Wave Projection

ITC remains in a clear daily downtrend with lower highs and lower lows, trading below the 200-EMA, which confirms persistent weakness and lack of bullish control; the breakdown below the key 400 support is structurally negative, the current bounce looks corrective with supply expected around 365 – 380, and as long as price stays below 400, downside risk remains toward the 340 – 330 zone before any meaningful base can form.

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