Large Cap ‘Rising’ After Base Formation!

  • Stock Market Analysis

The surprise from the broader markets in today’s session was no less than interesting. The markets sold off in the first half of the session and recovered equally well in the second half with the benchmark Nifty 50 index rising 162.4 points to 22217.45.

One of its constituents that looks like a bliss on the chart is ITC Limited. It is a diversified business having verticals such as hotels, agribusiness, FMCG etc., and has a market capitalization of INR 5,06,838 crore.

Image Description: Daily chart of ITC with volume bars at the bottom

Image Source: Investing.com

The stock has recently taken a strong beating, falling from a high of INR 481.48 in early January 2024 to a low of INR 399.4 a few days back. This one-sided fall was due to excessive selling pressure and led the stock to underperform the broader market index.

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But now the tide seems to be turning in favor of bulls. The stock had consolidated for a brief while after bottoming out and is now looking to make a comeback, rising 2.75% to INR 414.45 on Thursday. The next hurdle that could potentially halt the rally is around INR 437, before which there is a clear runway for the counter.

On the fundamental ground, the stock has also received a 4 out of 5 rating on the financial health score which makes it a good candidate for the portfolio. Analysts are expecting a minimum target of INR 430, which is also higher than the CMP while the highest target goes all the way to INR 585.

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