Stock of the week - Buy ITC Ltd For Target Rs. 323 By GEPL Capital
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Observation
* ITC has shown strong outperformance in the past 2 months as it outperformed the benchmark and went on to break the Nov 2019 highs (266).
* After 3 weeks of correction the stock took support at the 23.6% Fibonacci retracement level (207-273 rally) and has again started moving higher.
* The stock has formed a CIP (Change in polarity) formation in the 250-255 zone and bounced from the same level this week and ended with a strong bullish candle.
* The RSI indicator on daily has witnessed a range shift and is sustaining above the 45 mark since Nov 2020, this indicates bullish undertone of the stock.
Inference & Expectations
* ITC is moving higher after a flag formation.
* Going ahead the stock has the potential to continue its outperformance and move higher towards 285 followed by 310 levels.
* 250-255 zone will act as a major support on the downside.
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Buy ITC Ltd : CMP: Rs 267 | Target: Rs 323 (21%) | SL: Rs 250
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