Vinay Rajani
ITC has reversed northward after taking support on long term trend line support seen on the weekly charts. FMCG sector has been showing resilient move in the recent past. Stock has closed above its 200-DMA resistance. Oscillators and Indicators have also turned bullish on the short to medium term charts.
Considering the technical evidences discussed above, we recommend buying the stock at CMP for the target of Rs 302, keeping stop loss at Rs 274 on closing basis.
Disclaimer: The author is Senior Technical Analyst at HDFC Securities. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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