Manoj Murlidharan Vayalar, IIFL PReMIA advises traders to buy ITC at current levels and it may move to Rs 301-302.
Murlidharan told CNBC-TV18, “I would like to go long on ITC. Last week there was huge selling in ITC 1-1.5 crore if you checked the delivery, but the weighted average when the entire rally came in was somewhere close to Rs 286. We feel more or less even yesterday intraday it had gone below that, but the closing was good above and we have seen huge buying coming in Friday's trade.”
He further added, “We believe this is one scrip where good rollover happens - ITC as well as Reliance. ITC as of now becomes a good trade even for the current month you can go and buy, I guess the Future is somewhere close to Rs 288, keep a stop loss at Rs 281 and we are expecting on Thursday 3:30, we might be close to Rs 301-302 on that.”
Disclosure: We have recommended these two our clients, but I do not have any personal holdings in stocks discussed.