ITI shares surge nearly 60% in one week. Should you book profits?
ITI, a central PSU under the ministry of communications, had a dream run over the past week with a stellar rally of nearly 60% in just five days.
The main trigger was that the company has developed its own branded Laptop and Micro PC in the market that matches international quality and performance.
Branded as ‘SMAASH’, the products have already been deployed in the market, and ITI has won many tenders competing against MNC brands like Acer, HP, Dell and Lenovo.
The two flagship products — Laptop and Micro PC have been designed in association with Intel Corp with which an MOU has been signed for design and manufacturing.
In the last six months, the stock has delivered multibagger returns to investors, rising 116%. The price has also hit a fresh 52-week high during the last week.
Technical analysts say while existing investors might want to sit on gains and wait for more upside, but at the same time can book partial profits.
«Investors who are still holding stocks like ITI, and SJVN, which have seen good run, might consider taking a partial profits on their investments and can trail the balance,» said Aamar Deo Singh of Angel One.
«The daily chart shows a vertical up move from 149 to 213 level, almost a 57% up move.
At present, the momentum indicators MACD looks extended. Further, the stock is outperforming the benchmark indices.
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