ITC may test Rs 420-430, says Ambareesh Baliga

Ambareesh Baliga of Edelweiss Financial Services told CNBC-TV18, "When you have the markets correcting you will really have money moving towards the defensives. In defensives it would be fast moving consumer goods (FMCG) and IT to a large extent because pharmaceuticals have already moved up decently well."

"I would clearly back stocks like ITC where I have been positive for quite a while. I have a target of about Rs 420-430 for ITC. Infosys has been on the buy list ever since it came down to the levels of Rs 2,900-3,000. So, I still see the stock going up to levels of about Rs 3,850-3,900," he said.