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Feb 29, 2012, 11.45 AM IST | Source: CNBC-TV18

Buy ITC around Rs 210, says Amit Gupta

Amit Gupta, Head- Derivatives, ICICI Direct advice traders to buy ITC around Rs 210 for a target of Rs 220.

Amit Gupta

Head- Derivatives, ICICIdirect.com

Expertise : F&O

More about the Expert...

Amit Gupta, Head- Derivatives, ICICI Direct advice traders to buy ITC around Rs 210 for a target of Rs 220.

Gupta told CNBC-TV18, “We should be a little bit in defensives stocks right now. If one look at ITC- what happened before, that people had a feeling that this Budget the duties on the cigarettes would be high, they didn’t happen in the last Budget.”

He further added, “So for the last one and a half month continuously we are seeing that they try to go short in ITC but they couldn’t drag the price down and this is where I think the shorts possibly may stuck up. If you look at Rs 210 that was a very heavily sold call option, it breached that level. So any decline towards that should be utilized to buy ITC and look for a target of Rs 220.”

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