Stocks to Buy – ITC shares – this recent FMCG sector laggard is ready for upward move, says analyst; know right levels to buy, stop loss, target price and TRIGGERS

Stocks to Buy – ITC Limited shares – While ITC Limited share is considered as a slow mover, here is your opportunity to earn some money in this stock. This stock is poised for an upward movement, Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, opines. What are the triggers for this stock and why this could be a potential money spinner for investors? The expert tells this.  

At 12:40 pm the shares of ITC Limited were trading at Rs 210.60 on Tuesday on the NSE, up by almost 1.2 per cent from the last closing price on Monday. The stock has seen a trend reversal with a double bottom at levels around Rs 204. He said that a strong pull back is now expected in this stock and it may test levels around Rs 216 and RS 220. This target price is with an 8-10-day view.  

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The next target price on ITC share price NSE is Rs 225, Jain said that. This target price is for the September series, he further said.  

He puts the stop loss at Rs 204. 

Jain said that most of its Fast Moving Consumer Goods (FMCG) shares like Britannia Industries, Hindustan Unilever shares have had a good run in the market and ITC has been a sector laggard. It may now pick up from here and do some catching up with its sector peers. 

The strategy in ITC share stocks is to buy on decline. Any correction from Rs 210 is a good level to enter the stock, he further said. 

The 52-week high for this stock is Rs 239.20, which the stock achieved on 9th February 2021, while the 52-week low for this stock is Rs 163.35, which this stock hit on 30th October 2020. 

The stock was trading with good volumes (over 1 crore shares) around this time. The ITC stock has been on an upward rally over the last three trading sessions, including during today’s trading session.