Buy ITC; target Rs 214: IIFL

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Buy ITC; target Rs 214: IIFL

IIFL is bullish on ITC and has recommended buy rating on the stock with a target price of Rs 214 in its December 26, 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 214 in its December 26, 2011 research report.

ITC Ltd on the daily line chart has given breakout above Rs 200 from symmetrical triangle pattern which is a continuation pattern. The breakout implication projects near upside of more that 12% in the near term. On the weekly chart, stock has formed bullish engulfing line pattern which corroborates strength and any decline towards Rs 200 should be used as opportunity for initiating long position and daily RSI is clearly indicating a positive crossover. We recommend buying ITC in the range of Rs 200-202 with stop loss of Rs 196 for target of Rs 214. (Duration 7 days).

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