Go long in ITC, says Amit Harchekar

Amit Harchekar of A Plus Analytics told CNBC-TV18, "ITC is going through phase of short covering. The stock is expected to bounce back towards the zone of Rs 345. So, one can initiate long positions at current level. Maintain a stop loss of Rs 313 and play for target of Rs 345. The stock has already seen cut of 15 percent open interest in last four trading sessions so we are expecting major bounce back from current level."

At 14:03 hrs ITC was quoting at Rs 325.55, up Rs 2.85, or 0.88 percent. It has touched an intraday high of Rs 327.55 and an intraday low of Rs 322.75.