Buy ITC; target of Rs 300: IIFL

IIFL is bullish on ITC and has recommended buy rating on the stock with a target of Rs 300 in its January 24, 2013 research report.
 
“ITC on the daily chart has been forming inverted head and shoulder like pattern with neckline prevailing at Rs293. There has also been moving average crossover which is visible around Rs286 which is likely to form strong support in the near term. Since stock has not closed above Rs293, there is possibility of minor dip towards 290 before it rally’s higher. The RSI too has started trending higher above 55 mark which also supports bullish argument in the counter. (Duration 12 days),” says IIFL research report.

FIIs holding more than 30% in Indian cos

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