Quant Pick - ITC : ICICI Direct

According to ICICI Direct, Buy ITC in range of Rs 204-208 Target: Rs 238 Stop Loss: Rs 186 Time frame: Three months.

Broker Research

March 16, 2021 / 04:12 PM IST

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ICICI Direct's research report on ITC

Recommendation

Buy ITC in range of Rs 204-208 Target: Rs 238 Stop Loss: Rs 186 Time frame: Three months.

Derivatives & Quantitative Outlook

Headline index has registered its life-time highs in February month amid buying among banking heavyweights. Despite the underperformance from the FMCG and pharma space, stocks from technology, BFSI and metal were major drivers of the index move. In the ongoing consolidation, We believe stock like ITC could be the next major mover of Nifty and is likely to retest its Feb highs once again in the coming weeks. ITC has shown a tendency of moving along in line with the open interest addition. The open interest in the stock has increased sharply in the last couple of sessions suggesting ongoing accumulation in the stock. Despite recent profit booking in the stock, the open interest has remained almost intact suggesting prevailing long bias still exists.

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