Stocks to Buy – ITC – share hits September series target price; what are NEW TARGETS? What should new and existing investors do? Analyst suggests THIS
The current movement is after the stock has broken a 2-year consolidation, analyst Nilesh Jain says. He puts revised target price to Rs 270 with a positional term view, while stop loss at Rs 220. In the short term, the target price is Rs 240
ITC share target – The ITC share prices were up almost 6.9 per cent on the NSE on Thursday and were trading at Rs 231 around 2:45 pm. Meanwhile, on the BSE, ITC stocks were trading at Rs 230.85, up almost Rs 15 or 6.9 per cent. The ITC share price is just 3.6 per cent shy of its 52-week high of Rs 239.
While the stock has been trading with a lot of strength, it also helped the BSE Sensex hit a record high of 59,000. Another stock that has been a top gainer has been Indusind Bank.
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The stock also achieved an intraday high of Rs 233. ITC was trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages on the BSE. Its Cigarettes/Tobacco has gained by 7.11 per cent as per the information on the BSE.
In the process, ITC shares surpassed their September Series targets of Rs 225 given by Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking.
The current movement is after the stock has broken a 2-year consolidation, Jain said. He puts revised target price to Rs 270 with a positional term view, while stop loss at Rs 220. In the short term, the target price is Rs 240.
He advises against any fresh buys in this stock at these levels as the stock is already trading close to its highs. Buy on dips is advised, he further said.
Existing shareholders must hold this stock for the target price of Rs 270.
The ITC stock has been a sector and market laggard with 1-year returns lower by 22.76 per cent from that of the Sensex.
Jain had previously recommended this stock saying that this stock looked good among the Fast Moving Consumer Goods (FMCG stocks). Its peers Britannia Industries, Hindustan Unilever shares have had a good run in the market and ITC was bound to see an upside.
The 52-week high for this stock on NSE is Rs 239.20 which the stock achieved on 9 February 2021 while the 52-week low for this stock is Rs 163.35 which this stock hit on 30 October 2020.
(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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