Stock of the day : ITC Ltd For Target Rs.12 - Religare Broking
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ITC Ltd
* ITC has been an underperformer forming series of lower highs and lows.
* In recent recovery, it failed to show any follow-up upward momentum and consolidated in a range.
* A decisive breakdown from this consolidation was witnessed with noticeable surge in volumes.
* The stock has also slipped below its 20 EMA indicating bearish tone in place.
* We thus recommend creating shorts through the Put option.
Buy ITC Ltd CMP 4.95 Range 4-5 SL 1; Target 12
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