Mehul Kothari recommends buying ITC

According to the technical analyst from Anand Rathi, ITC can rally to Rs 285.

ITC

BUY near Rs 265

Target: Rs 285

Stop Loss: Rs 255

After a strong outperformance and a recent breakout above Rs 265 mark, ITC has been consolidating in a small range. The stock has found support at the placement of the 50-DEMA.

The stock seems to be a safe bet amid the ongoing uncertain times in the markets. Thus, traders can buy the stock near Rs 265 with a stop loss of Rs 255 for an upside target of Rs 285 in coming 2 – 3 weeks.

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).