Vayalar expects ITC to rally towards Rs 297

Manoj Murlidharan Vayalar of IIFL is of the view that ITC is expected to rally towards Rs 297.

Vayalar told CNBC-TV18, "Volume-weighted average price (VWAP) buy and sell both comes in if specifically I would see there are couple of scrips which are seeing good accumulation and we feel that would enter into a couple of VWAP buy as well. I feel ITC is one scrip that would not really fall under this pressure. So, I am expecting that at Rs 294, it can rather go to a Rs 296 or a 297 rather."

He further added, "Another scrip is Shree Renuka Sugars, though that doesn't have weightage therein. But this is one scrip where I feel there would be still buying Rs 29.15 is what and Rs 31.50 also is very much possible in the last 30 minutes."