ITC (BUY, between Rs169-170, Target Rs178): ITC on the daily chart has given breakout from descending trendline as prices closed above Rs172 with rise in volumes. A positive crossover in RSI accompanied with breakout from flag consolidation supports buying argument in the counter. Adding to it, there has also been a bullish crossover of medium term moving average over the long term moving average which exhibits strength in the counter. The immediate breakout projection stands at Rs180 based on the flag breakout. We advise buying stock in the range of Rs169-170 with stop loss of Rs166 for Target of Rs178. (Duration 7 days).
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