Investors have made huge profits year after year through the shares of ITC. However, the last one year has been very volatile for investors. Despite the weak 12 percent return, Edelweiss Wealth is confident that investors can make strong profits through ITC shares in the long run. According to the research of Edelweiss Wealth, the share price of ITC can reach up to Rs 450 in the coming time. On Tuesday, the price of one share on the NSE was Rs 249.95.
Shares jump 21 percent since February 24
Due to the Russo-Ukraine war, where there is an atmosphere of doubt in the stock market. On the other hand, shares of ITC also saw a jump during this period. ITC shares have seen a jump of 21 percent since February 24. During this 16 sessions closed under the red mark only 4 times in the stock market. This is the reason why experts expect this stock to give great returns in the long run.
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A report by Edelweiss Wealth Research recommends a buy on ITC shares at current levels. Long term target price is showing Rs 450 per share.
Edelweiss Wealth Research said, “A strong price movement on the ITC/FMCG ratio chart indicates an outperformance of the stock in this area.” Edelweiss Wealth’s research on how ITC shares will perform in the coming sessions says, ‘ITC is forming an inverted head and shoulders pattern on the charts’. Due to which till the end of the week, up to Rs 253 share will be valid.