Buy ITC; target Rs 201: IIFL

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Buy ITC; target Rs 201: IIFL

IIFL is bullish on ITC and has recommended buy rating on the stock with a target price of Rs 201 in its November 25, 2011 research report.

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IIFL is bullish on ITC and has recommended buy rating on the stock with a target price of Rs 201 in its November 25, 2011 research report.

"ITC has been shifting lower and attempting to test its intermediate bottom Rs 189 (after failing to surpass the previous peak of Rs 216), which coincides with its 200-DMA. The reward to risk ratio is likely to turn more beneficial in case stock test the levels of 193. The daily RSI has been flirting with oversold terrain but not yet given an bottom out signal. On the upside the resistance is seen at Rs 203, around its 50-DMA. We advise buying the stock above Rs 193 with stop loss of Rs 189 for target of Rs 201. (Duration 4 days)," says IIFL research report.

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