Buy ITC; target of Rs 179: IIFL

IIFL is bullish on ITC and has recommended buy rating on the stock with a target of Rs 179 in its November 30, 2010 research report.

"ITC Ltd has bounced back from the support of 100 DMA and closed in positive terrain leading to a hammer pattern on candlestick. An appearance of Hammer pattern near the support levels signifies resumption of the uptrend which had been stalled earlier. Horizontal drawn from the peak of Oct 2010 acts as steady supply zone which is placed levels of Rs 180, where this upmove might last on the conservative note. However a breakout above same could open gateways for sharp upside ranging from 8-10%. We advise buying stock in the range of Rs 170.5- 171 with stop loss of Rs 167 for Target of Rs 179,” says IIFL research report.