Go long in ICICI Bank, ITC: Amit Harchekar

Amit Harchekar of A Plus Analytics told CNBC-TV18, "ICICI Bank and Bank Nifty have a positive correlation with rupee appreciation against dollar. Right now we are expecting USD-INR to move lower towards 65.50/USD and that should provide good room for the market as well as banking stocks to move higher.""We are recommending going long on ICICI Bank. In the recent decline, the volumes were missing and on balance volume (OBV) indicator is indicating good accumulation which has happened in it around Rs 265-266 zone. So we are expecting ICICI Bank to retest the resistance zone of around Rs 295-300 in the coming days. The level of Rs 266 would be the stop loss for the current long trade," he said."CNX FMCG index has formed bullish inverted head and shoulder pattern on the weekly chart and that is indicating upside of 7-8 percent in the near term. Since ITC carries major weightage in CNX FMCG, we are recommending going long on ITC at these levels, maintain a stop loss of Rs 333 because that is a make or break level on the short-term charts. We are expecting ITC to hit levels of Rs 360-365 in next five-seven trading sessions," he added."One can go short in Bajaj Auto with a target of Rs 2330 with a stop loss at Rs 2570 and also short Sun Pharma with a target of Rs 690 and a stop loss at Rs 765."