The latest analysis and commentary by stock market guru Amit Gupta of ICICI Direct on what is moving the markets today.
He also spoke at length on ITC and Karnataka Bank.
“From the Nifty heavy weights we are picking ITC because after a long consolidation now it is due for a breakout. It is due for a move towards Rs 320 levels. Frist trigger for this move has started in this recent Bharat 22 ETF the government did not disinvest ITC and that is where from the valuation perspective the thinking started coming that it can possibly go up. Buy ITC another 10-15 percent move is very much there on the cards. From the midcap space Karnataka Bank because midcap banking particularly midcap private banking is seeing a very good flow from the FIIs. FIIs everyday they are investing around Rs 2,000-3,000 crore and if you look at Karnataka Bank for the last one year it has not been able to give a breakout above Rs 128. The stock can move towards Rs 152 or Rs 155 kind of levels.”Disclaimer
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