Share stock of ITC has fallen to Rs 419 from Rs 442 in 11 sessions. This FMCG stock has been falling continuously for the past nine sessions. If we also look at the daily chart, the stock has reached its support level of 420.
New Delhi. ITC share has been falling for 9 consecutive trading sessions. In the last trading session too, it fell by around one percent to close at Rs 419.60. The stock has lost about five percent in the past one month. The stock has fallen 10 percent so far in 2024. The special thing is that despite the increase in the stock market, ITC shares are showing weakness. But, still market analysts are bullish on the stock. Of the 34 analysts tracking ITC shares, 30 have given the stock a buy recommendation.
There is a bullish trend in the stock market. Analysts believe that the possibility of a sell-off from higher levels cannot be ruled out. After continuous development, the market can make a healthy combination. Experts say that in such a situation, if there is profit booking in the market, investors should take entry in such shares which have appropriate valuation. However, the trend has been that in a profit booking environment, investors often turn to the FMCG sector.
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Shares of ITC fell to Rs 419 from Rs 442.
ITC is a stock that has consistently fallen even during bullish market periods. ITC has recorded significant decline in last 11 trading sessions. The stock has fallen from the level of Rs.442 to the level of Rs.419. If we also look at the daily chart, the stock has reached its support level of 420. There is a possibility to buy this stock from here. Investors can enter it with a stop loss of 405. After this, the stock may target Rs 450.
The consensus target price is Rs 495.79.
According to Trendline data, ITC has a consensus target price of Rs 495.79 per share. 30 out of 34 analysts recommend this stock as a ‘buy’. ITC posted gross sales of Rs 19,446 crore, up 2 percent year-on-year, brokerage firm Religare said in its report. Net sales grew 1.6% year-on-year, but declined 0.5% quarter-on-quarter to Rs 17,922.7 crore. Religare has maintained its ‘Buy’ rating on ITC stock at the current market price and set a target price of Rs 535 per share for the stock.
(Disclaimer: The stock mentioned here is based on the advice of the brokerage houses. If you want to invest in any of them, consult a certified investment advisor first. News 18 of any profit or loss you make. will not be responsible).
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First Publication: June 23, 2024, 08:51 IST
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