Look at ITC: Gaurav Mehta

Gaurav Mehta of Ambit Capital told CNBC-TV18, "In ITC ever since the huge volatility that you saw on the Budget day, it has been coming in one direction which is down. However, at about Rs 330-335 range ITC for the last 12-13 years has followed a very strong long-term uptrend and that uptrend now continues to support the stock at about Rs 330-335. So, in the base case we do not think that support region in the Rs 330-335 range should go."

"As a result it is very close to a very strong, almost a decade old, more than that long support. From that point of view this is a great time to be accumulating that name and especially given my view on the markets if you were to see a correction overall in the markets from the defensive space after the correction it looks like a reasonably priced largecap stock which people might want to move in for safety," he said.