ITC share price extended the rally, rising over 2 per cent to Rs 239.40 apiece on BSE in intraday deals on Monday.
ITC share price extended the rally, rising over 2 per cent to Rs 239.40 apiece on BSE in intraday deals on Monday. The stock surpassed its previous high of Rs 239.15 apiece, touched on 9 February 2021. ITC share price has rallied over 12 per cent in the last one week, as compared to a rise of 1.8 per cent in S&P BSE Sensex. Technical analysts see ITC stock hitting Rs 250 apiece, a gain of a further 4.4 per cent from current levels, suggesting investors to buy the stock. ITC has seen some retracement after hitting a new high. “Technically, it has strong resistance at 238-239 zone. If the price moves above 239, it would result in an actual breakout. At present, it has just attempted a breakout and has retraced after meeting resistance. Fresh buy is advised if the stock moves above 239,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.
In the afternoon deals, ITC stock was ruling 1.73 per cent up, while BSE Sensex was down 0.3 per cent. So far in the day, 20.31 lakh shares have exchanged hands on BSE, while a total of 5.67 units traded on NSE. ITC has created a massive support cum consolidation zone between 196-220 now it is ready for the next level of resistance around 270-280, Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online. “One can buy the stock with stop losses below 216 for given targets,” Wagh advised.
ITC stock had hit a 52-week low of Rs 163.40 apiece, last year in October, since then it has rallied 46.5 per cent. Analysts say that no additional taxes were levied on tobacco products in the recent GST meeting, and recovery in the FMCG and hotel sector has led to ITC stock finally at a 52-week high. “Technically, like the majority of the market, ITC has hit overbought levels and thus remains a very risky buy now,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online. Ramachandran added that a daily close above Rs 238 could see the target of Rs 250. “Investors should stay cautious and keep a strict stop loss at crucial support at 225 for their buy positions,” he added.
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