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News Topical, Digital Desk : ITC shares, which fell sharply in January, are slowly recovering their gains, and on February 18th, the stock is trading higher for the third consecutive day. Shares of India's leading FMCG company, ITC, are trading at ₹330, up 1.5%. Significantly, the shares have broken their February 9th high of ₹328.
ITC shares opened at ₹326 on February 18 and hit a high of ₹330.80 in early trading. Following the imposition of new taxes on cigarettes and tobacco products on January 1, ITC shares saw a sharp decline, falling from ₹402 to ₹302 in February. This raises the question of whether ITC shares have bottomed and are now likely to rise from here. Market experts have offered their opinions on this matter.
Is there a breakout in ITC shares?
Independent market expert, Abhishek Bhatt, said that ITC shares saw strong buying today. The stock is trading at ₹330.30, up 1.49%. The day's high was ₹330.80, indicating strong short-term momentum. Volume also appeared to be better than normal, confirming a breakout.
What is the next target for ITC shares?
Experts say that ITC stock has broken through the resistance zone around ₹328–329, and its holding above the VWAP (₹328.46) indicates a bullish signal. Higher lows are forming on the daily chart, maintaining a positive trend. The RSI is also pointing towards strength.
near-term targets
If the price remains strong above ₹328,
Target 1: ₹335
Target 2: ₹340
At the same time, global brokerage firm UBS has given a buy call on ITC shares but has reduced the target price from Rs 420 to Rs 395.
Support Level
₹324-325 is a strong support zone, below which weakness is likely.
Overall, ITC is benefiting from the ongoing strength in the FMCG sector. As long as the price doesn't close below ₹324, the trend can be considered positive.
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