Gopi Suvanam, Founder of Investworks advises going short on ITC at current levels.
Gopi Suvanam, Founder of Investworks told CNBC-TV18, "One may sell ITC because whatever news flow that we are seeing today is more favourable to banking and some other sectors. So, this could be a tactical position that we can enter into a short at this time and maybe unwind when it reaches around Rs 300 level."
On September 5, ITC closed at Rs 311.50, up Rs 11.70, or 3.90 percent. It has touched an intraday high of Rs 316.00 and an intraday low of Rs 305.10.
The share touched its 52-week high Rs 380.00 and 52-week low Rs 269.00 on 24 July, 2013 and 17 September, 2012, respectively. Currently, it is trading 18.03 percent below its 52-week high and 15.8 percent above its 52-week low. Market capitalisation stands at Rs 246,596.32 crore.