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ITC share stock has fallen from the level of Rs 442 to Rs 419 in 11 sessions. This FMCG stock has been falling continuously for the last nine sessions. If we look at the daily chart also, this stock has reached its support level of 420.
New Delhi. ITC’s share has been falling for 9 consecutive trading sessions. In the last trading session also, it fell by about one percent to close at Rs 419.60. In the last one month, this stock has fallen by about five percent. In the year 2024, this stock has fallen by 10 percent so far. The special thing is that despite the rise in the stock market, ITC stock is showing weakness. But still market analysts are bullish on this stock. Out of 34 analysts tracking ITC stock, 30 have advised to buy this stock.
There is a bullish trend in the stock market. Analysts believe that the possibility of selling from higher levels cannot be ruled out. After a continuous rise, the market can make a healthy collection. Experts say that in such a situation, if there is profit booking in the market, then investors should enter such stocks whose valuation seems reasonable. However, the trend has been that in an environment of profit booking, investors often turn to the FMCG sector.
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ITC share fell from Rs 442 to Rs 419
ITC is a stock that has been in a continuous decline even during the bullish market. ITC has registered a significant decline in the last 11 trading sessions. This stock has fallen from the level of Rs 442 to Rs 419. If we look at the daily chart, this stock has reached its support level of 420. There is a possibility of buying this stock from here. Investors can enter it with a stop loss of 405. After this, this stock can give a target of Rs 450.
The consensus target price is Rs 495.79
According to Trendline data, the consensus target price of ITC is Rs 495.79 per share. 30 out of 34 analysts have recommended ‘buy’ on this stock. Brokerage firm Religare has said in its report that ITC has gross sales of Rs 19,446 crore, which has increased by 2 percent on an annual basis. Net sales grew 1.6% on an annual basis, but declined by 0.5% on a quarter-on-quarter basis to Rs 17,922.7 crore. Religare has retained its ‘buy’ rating for ITC stock at the current market price and has set the target price of this stock at Rs 535 per share.
(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you want to invest money in any of these, then first consult a certified investment advisor. AyraNews24x7 will not be responsible for any kind of profit or loss of yours.)
Tag: business news, Money making tips, Share Market, Stock Tips
first published : June 23, 2024, 08:51 IST
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