Stock of the day : ITC Limited For Target Rs.10 - Religare Broking Ltd
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ITC Limited
* We are seeing a mixed trend in the FMCG pack and ITC is trading with corrective bias.
* After the initial fall from its record high, it spent nearly two months in a narrow range while holding above 100 EMA.
* It has finally breached that support, indicating the possibility of the next leg of the down move.
* We thus recommend creating shorts through the Put option.
Buy ITC Limited CMP 4.6; Range 4-5; SL 2; Target 10
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