recommend stock as top pick Brokerage house Anand Rathi highlighted for this month that ITC shares have been under pressure for some time now, but at the moment the stock is trading close to its crucial support. First, the stock turned from this level and headed for a rally 240 views.
“There is a Bullish WOLFE WAVE pattern on the Daily chart which is looking attractive. Thus we recommend traders to go long in the stock with stop loss 208,” said the brokerage. Anand Rathi has recommended ITC shares with a target price of Rs. 250 and a time frame of one month.
ITC has a diverse presence in industries such as FMCG, Hotels, Packaging, Paperboard, Specialty Paper and Agribusiness. ITC shares have been underperforming amid the recent bull market rally. The stock remains in a range bound trend and is up around 3% this year as compared to a rise of around 21% in the benchmark Sensex.
Country’s largest cigarette maker’s net profit increased 3,697 crore in the three months ended 30 September 3,252.6 million in the previous year, as its consumer goods business benefited from a rebound in consumption outside the home and cigarette sales improved faster than expected.
The company, which also sells Ashirwad wheat flour and Savlon soap, grew standalone revenue from operations by 12% to 12% 13,553.5 crore in the September quarter. From 12,103.7 crore a year ago.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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