ITC Can Test Rs 201 Above Rs 184 - Anil Manghnani

Anil ManghnaniAnil Manghnani of Modern Shares & Stock Brokers is of the view that above Rs 184, ITC can test Rs 201.

Manghnani told, “Infosys has broken Rs 1,900; closer to Rs 1,795-96 is the support level, so I will wait on there. But some of the other weaker, not weaker, I think non-performing sectors, I think that early signs in those three stocks may be HUL is been supported more by the buy back. But HUL, ITC and Colgate on the weekly front they seem to have bottomed out; although on the longer monthly front they haven’t given a buy yet, but those three stocks not just from a defensive point of view, from the point of view that the downside is limited because these stocks haven’t really fallen, so in open interests is low.”

He further added that once the stock markets start to strike and starts rising they could smash the market. ITC could go to Rs 184 and after that another level is Rs 201 and Colgate about Rs 438-467.

So he suggests that one could still look at that stock not from the information that it’s pathetic, it just hasn’t moved in the last six months, so it might be a safer bet.