ITC share cost extended the rally, increasing more than 2 per cent to Rs 239.40 apiece on BSE in intraday bargains on Monday. The stock surpassed its preceding higher of Rs 239.15 apiece, touched on 9 February 2021. ITC share cost has rallied more than 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 obtain of a additional 4.4 per cent from existing levels, suggesting investors to acquire the stock. ITC has seen some retracement immediately after hitting a new higher. “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 TheSpuzz Online.
In the afternoon bargains, ITC stock was ruling 1.73 per cent up, when BSE Sensex was down .3 per cent. So far in the day, 20.31 lakh shares have exchanged hands on BSE, when a total of 5.67 units traded on NSE. ITC has produced a enormous help cum consolidation zone among 196-220 now it is prepared for the next level of resistance about 270-280, Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told TheSpuzz 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, because then it has rallied 46.5 per cent. Analysts say that no further taxes have been levied on tobacco items in the current GST meeting, and recovery in the FMCG and hotel sector has led to ITC stock lastly at a 52-week higher. “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 TheSpuzz Online. Ramachandran added that a each day 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.
(The stock suggestions in this story are by the respective investigation analysts and brokerage firms. TheSpuzz Online does not bear any duty for their investment tips. Capital markets investments are topic to guidelines and regulations. Please seek the advice of your investment advisor just before investing.)