Feb 29, 2012, 11.45 AM | Source: CNBC-TV18
Amit Gupta, Head- Derivatives, ICICI Direct advice traders to buy ITC around Rs 210 for a target of Rs 220.
Amit Gupta (more)
Head- Derivatives, ICICIdirect.com | Capital Expertise: F&O
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.”