As a result of the unlock theme, commodity prices are going down, and the hospitality and cigarette businesses are expected to do better, so the ITC share price is still going up.
In early morning trading today, the FMCG stock hit a new 52-week high. During the day, it reached a high of 317 per share.
ITC share price started the day on the up side and went on to reach a new 52-week high, with an intraday gain of about 1.6% in the morning session on Monday.
Experts in the stock market say that ITC shares are going up because commodity prices are going down and unlock themes are becoming more popular.
They claimed that the market anticipates greater consumer interest in the company's cigarette and hospitality operations.
They claimed that it is the cherry on top for the company, whose FMCG division is already making money thanks to falling commodity prices.
According to experts, the stock is in an uptrend based on its chart pattern and might rise as high as 340 per share in the near future.
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As a result of the unlock theme, the company is likely to get more customers, especially for its hospitality and cigarette services.
Ravi Singhal of GCL Securities added that the market is talking about ITC's plans to sell off assets, which is also helping the stock go up.
But he said that the company hasn't said anything about this, so people shouldn't make any decisions based on the buzz in the market.
Sumeet Bagadia, Executive Director at Choice Broking, said, The stock is on an uptrend and one can purchase and hold it for a short-term aim of 330 to 340 per share with a stop loss of 300 per share
Those who own this stock should move their stop loss up to 300 and hold it for an immediate target of 340 levels."
Since the start of 2022, the price of ITC shares has been going up. The price of this fast-moving consumer goods (FMCG) stock has gone up from about 220 to 315, which is a rise of about 45%.