Buy ITC, target Rs 378: Rakesh Bansal

Rakesh Bansal, VP- R K Global recommends a buy rating on ITC with a target price of Rs 378 and a strict stop loss placed at Rs 346. The stock has gained 9 per cent so far in the calendar year 2016. The stock is looking bearish on the charts.

ITC is a low beta stock (0.90) and is trading well above its 50-day, 100-day and 200-day moving averages placed at Rs 329.37, Rs 320.61 and Rs 325.25, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 29.11 and P/B of 1.03.