ITC share price hits fresh 52-week high; mcap tops ₹6 lakh crore mark

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ITC share price climbed 3 per cent to hit its fresh 52-week high of ₹493.40 in intraday trade on BSE on Thursday, boosting the market capitalisation of the stock to over ₹6 lakh crore mark. The stock opened at ₹479.05 against the previous close of ₹478.85 and rose 3 per cent to its 52-week high of ₹493.40. The stock has surged over 44 per cent in the current calendar year against a 10 per cent gain in the equity benchmark Sensex.

Analysts are expecting the stock to rise even further. "ITC is showing a very strong continuation pattern wherein it witnesses a small consolidation on daily charts followed by a breakout pushing the prices higher which was then followed by consolidation," Gaurav Bissa, VP of InCred Equities pointed out. "The stock has witnessed a fresh consolidation breakout; however, it is approaching the ascending wedge hurdle placed at ₹500 levels.

One can use a decline towards ₹470 level to add the stock for a short-term trading target of ₹510. A close above ₹510 will trigger a wedge breakout which can push the stock price towards ₹550 levels," Bissa said. Jigar S.

Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers pointed out that for the last couple of years, this stock has been in a solidly established uptrend constantly trading above all critical exponential moving averages. "At the current juncture, it has given a range breakout from its previous 11 trading session range of ₹465-480, followed by RSI daily complementing its up move. Any dip to ₹465 can be used to add some fresh longs.