Below Rs 335, ITC may test Rs 320: Abhijit Paul

Abhijit Paul, Founder of Alphative Advisors LLP told CNBC-TV18, "We had seen the kind of outperformance that the FMCG sector had shown over last couple of years but FMCG has moved from a secular uptrend to a range bound sector where there is the possibility of trading more. The move which we saw in ITC two days back was a little disappointing that gave the entire gains, it is at close to very, very strong supports which is close to Rs 338-340 in the Futures markets and that is the short-term support."

"If it holds, it will probably try and test Rs 355 mark again, but a failure and a break below Rs 335 can lead to a test of Rs 320 in the stock," he said. Disclosure: I do not hold the stock that we have mentioned but we do have recommended the stock to our clients.