Go long in ITC, says Sudarshan Sukhani of s2analytics.com.
Go long in ITC , says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "ITC had a big decline. That decline was going to be a correction and then as ITC usually does it started a V-shaped rally. You cannot catch a V-shaped rally almost immediately but there was a sense that the decline is over and if the markets remain choppy, ITC could easily still outperform and that seems to be happening."
He further added, "Now a minor support level has been broken yesterday, so it is possible that as the other heavyweights keep on moving up or down and that is how the Nifty chops, ITC could steadily move higher. This is something that needs to be taken in context, but look at ITC’s opening, but if at all there would be a long trade in some of the Nifty heavyweights ITC should be probably the first choice."
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Mkt resilient at current level; bullish auto: ICICI Pru AMC