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Last Updated : Oct 22, 2018 11:15 AM IST | Source: Moneycontrol.com

Buy ITC, says Dinesh Rohira

The scrip witnessed a strong upward reversal for an extended period despite a negative market breath, and witnessed a decisive breakout from its long-term 200-days EMA level placed at Rs 283 levels.

 
 
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Dinesh Rohira

5nance.com

ITC witnessed a healthy correction of about 17 percent in the last two-month from its 52-weeks high placed at Rs 322 towards a low of Rs 265 levels.

However, the scrip witnessed a strong upward reversal for an extended period despite a negative market breath, and witnessed a decisive breakout from its long-term 200-days EMA level placed at Rs 283 levels.

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It also was substantial volume growth in the last one-week at the current level which translates to a current reversal in trend. The RSI level stood upward at 50 while MACD had no significant trend. We have a buy recommendation for ITC which is currently trading at Rs 289.45

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Oct 22, 2018 11:15 am
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