Accumulate ITC on dips: Karun Mutha

Accumulate ITC on dips, says Karun Mutha, HSBC InvestDirect.

Mutha told CBC-TV18, "The data which was clearly visible from the IIP numbers that was showing that the consumer non durables were really taking a fast street and if you look at the markets we have seen the FMCG really performing well and particularly stocks like Colgate, HUL, ITC, all of them have been really staying on with the momentum which they have been carrying on for the whole month of March series."
He further added, "ITC has given a breakout above Rs 225 and with not much negative news flows coming on the budget sessions we have seen the stocks thereon performing really well. Perhaps it's a time to accumulate the stocks at current prices, slightly on dips with a target of almost 7-10% upside on the stock."
 
"Similar is the case of HUL, buy on dips is recommended wherein we have seen these stocks accumulating significant amount of long open interest built up not only in the current series but also been rolled over to the next month series."