ITC share price at 5-year high. Experts see more upside
Premium- ITC share price has given multi-year breakout and it is looking strong on daily, weekly and monthly charts, say experts
ITC share price: Maintaining its uptrend that began at the end of February this year, ITC shares today climbed to 5-year high of ₹329.60 per share levels, just 10 per cent away from its life-time high of ₹367.70 apiece levels on NSE, which it had hit in July 2017. ITC share price today opened upside in early morning deals and went close to its 52-week high.
According to stock market experts, ITC share price is in continuous uptrend and it has given multiyear breakout on chart pattern. Apart from this, it is one of the buzzing stocks on Dalal Street as ITC Chairman Sanjiv Puri has announced that ITC Hotels may soon get listed as separate company on Dalal Street. Apart from this, better crop yield expectations and lowering commodity prices are expected to boost balance sheet of the FMCG business segment of the company as well.
Speaking on the recent buzz in regard to ITC shares, Ravi Singhal, CEO at GCL Securities said, "ITC share price is in uptrend after ushering into the new financial year. But, recent buzz in the stock is due to chairman Sanjiv Puri's announcement in regard to ITC Hotel listing on Dalal Street. The ITC Chairman has announced that ITC Hotel may get listed on Indian bourses in near term that has created short term buzz in the stock. However, other fundamentals like lowering commodity prices and better crop yield expectations is expected to fuel balance sheet of the company as well. So, the stock is expected to maintain its uptrend in short to medium term and it may come close to its life-time high of ₹367.70 apiece levels by Deepawali 2022."
ITC share price target
Expecting ITC share price rally to continue further, Sumeet Bagadia, Executive Director at Choice Broking said, "ITC shares are looking strong on daily, weekly and monthly chart pattern as the stock has given multi-year breakout recently. It is forming higher high higher low pattern on chart that signals further upside in the counter. Those who have ITC shares in their stock portfolio, are advised to hold the scrip maintaining trailing stop loss at ₹310 for short term target of ₹370 to ₹375."
ITC share price history
After hitting its 52-week low of ₹207 on NSE in last week of February, ITC share price has been continuously ascending upside. It has scaled to its 52-week high of ₹330 in recent session that means in last 5 months, ITC share price has shot up from ₹207 to ₹330, logging around 60 per cent rise in this time horizon.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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