Sukhani's view on ITC, Ranbaxy

Sudarshan Sukhani of s2analytics.com is bullish in ITC and has recommended buy rating on the stock. Ranbaxy Laboratories has support at Rs 465.

Sukhani told CNBC-TV18, "ITC is on the verge of making lifetime new highs, it is at Rs 258. Once it crosses that it goes into unchartered territory. It is making a bullish pattern at these elevated levels. Although the valuations are high, the market likes it and the market is willing to push it much higher. ITC is a buying opportunity and if it breaks to Rs 258, then it’s not just for day traders but position traders might like to buy Calls or buy Futures or buy equity here." He further added, "Ranbaxy Laboratories is a long idea. It is exactly the opposite of what ITC is doing. While ITC is on the verge of new highs what Ranbaxy did was that after repeated corrections it found support at the Rs 460-470 level and it is bouncing from that level. So maybe this is a deep correction that gets support at Rs 465 and if that is so, then a bounce can again take it to more than Rs 500. There is a certain amount of risk. If we are right, we are buying at lows in the Ranbaxy today. We could see a nice follow-through today itself. If we are wrong we have a stop loss. But it seems that given market conditions Ranbaxy is probably ripe for a rally."