Weekly Recommendation - Long ITC Ltd For Target Of Rs. 231 By ICICI Direct
Rationale
The FMCG space has remained largely range bound in the last couple of months but bottom fishing was seen in leaders like ITC, which reversed sharply from | 200 levels. The open interest in the stock has declined from last month’s high and no significant OI blocks were seen, indicating more upsides. We feel leaders from the FMCG pack will provide support to the index in this consolidation. Highest Call OI base for the stock is at | 230, which should be the target for the stock for the week.
Long ITC Ltd (ITC) April future in range of Rs. 213-216; Target: Rs. 231; Stop Loss: Rs. 204.90
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