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We recommend a buy in ITC Ltd at current price levels. It is evident for the weekly chart of ITC that it had been on a steady bull run for almost two years, from the May 2004 low of Rs 48 to April 2006 of Rs 212. The stock has been consolidating sideways in a broad range of Rs 140 and Rs 190 since June 2006. However, a medium-term up trend is in place since March that has made the stock move towards the upper boundary of this long-term range, accompanied by good volumes. T he daily momentum indicator is featuring in the bullish region. Immediate support for ITC is at Rs 180 and the next support is at Rs 165 levels. Short-term investors can buy the stock with stop loss at Rs 176. We expect the stock to break out of the upper boundary and move up to Rs 215 in the short-term.

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