ITC stock price gains: Should you Buy? Zee Business panellist shares short term target price, stop loss

ITC Share Price Target Short Tern, ITC Share Price NSE: ITC stock on Tuesday gained more than 2 per cent to emerge as one of the Nifty50 top gainers. At 12:40 PM, the FMCG major was quoting a price of Rs 339.90 on NSE, advancing 2.30 per cent. The buying in the stock was buoyed by positive trends in the domestic markets with both benchmark indices Nifty and Sensex gaining 1 per cent each.
 
Zee Business panellist Sumeet Bagadia said that ITC shares could be a good buy as he recommended viewers to Buy. He said that the stock was in a consolidation phase for the past few weeks and now it is ready to move. He said that the counter can deliver a return of 5 per cent in the short term with strong support at Rs 328.

ITC Share Price Target - Rs 348-350

ITC Share Price Stop Loss - Rs 319 (short term)

The share of Kolkata-based company started its upward journey in February this year and since then it has gained more than 50 per cent. On January 2, the first trading day of the year, ITC share price was Rs 219.10. ITC share price has since then added over Rs 129 apiece, resulting in wealth gains for investors.

With bulls charging ITC shares this year, the company's market cap crossed Rs 4 trillion on September 2 for the first time in 5 years. ITC market cap had last touched Rs 4 trillion in 2017. The 52-week range of ITC stock is Rs 349.55 - Rs 207.

The Kolkata headquartered company is set to declare its second quarter results on October 20. In the first quarter, ITC reported a profit of Rs 4,169 crore, rising 38.3% from Rs 3013.5 crore it had reported in the same quarter in the last fiscal.