Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "Market is falling and I think it has not hit a bottom right now. It is a very safe strategy to be in defensives specially ITC because the stock has given a breakout above the Rs 380. This level has been a multiple top, there has been many tops at this particular level. All these stocks are part of a larger ascending triangle pattern which has been creating since last 15 months."
"So, this breakout is actually a very important breakout in terms of ITC and it already started outperforming the market over the last one week. I am expecting at least Rs 460 on the upside or towards Rs 480 as well because of the depth of the pattern itself is about Rs 100. So you can keep a stoploss of somewhere around Rs 360," he added.
Disclosure: Analyst has no personal positions.
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