Buy ITC 320 Put, says JK Jain

JK Jain of Karvy Stock Broking told CNBC-TV18, " ITC today has breached its 200 day moving average (DMA). So clear sign, no profit taking or selling pressure is witnessed in ITC even on the derivative front, we have seen options writing on the higher end but overall we are expecting the downside in the stock to continue."

"We expect the stock to test its recent low, the three months low that it has tested around Rs 295-300. On that basis, we are suggesting to buy 320 Put option which is trading close to around Rs 6. One can keep a stoploss of Rs 3 and buy this Put option targeting an upside around Rs 13-14 in the next one-two weeks perspective," he said.

Disclosure: He does not hold any position but he would have recommended to clients and even his company would be holding the same position.

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