ITC was 6.5 percent higher last week, at a time when the Nifty was higher by about 2 odd percent.

The street is excited because there is an analyst meet tomorrow, December 14 and the key factors that the street is watching out for - plans for the FMCG business and the way forward for the business structure; will there be a demerger announced or not.

The stock, after moving, has seen some congestion in the past, between the Rs 230 and Rs 240, so the question is will this momentum sustain.

Fifty-two week high of ITC is Rs 265 odd and the maximum open interest is at the 260 call; of course, strong support is seen at the 230 put levels as well.

Average trading quantity in the last two trading sessions has been double of what is seen in the last couple of months and even the delivery quantity has been good 25-30 percent higher.

Watch the accompanying video of CNBC-TV18’s Mangalam Maloo for more details.