As of October 8th, 2023, at 11:21 AM, ITC Limited’s share price stands at ₹508.95, reflecting a slight decrease of 0.3% from the previous closing price. The broader market is showing resilience, with the Sensex trading at ₹81,451.4, up by 0.5%. Throughout the trading session, ITC shares have experienced fluctuations, achieving a high of ₹512.5 and a low of ₹506.05.
Technical Overview
From a technical perspective, ITC’s stock is currently trading above its 50, 100, and 300-day Simple Moving Averages (SMA). However, it lies below the shorter-term 5, 10, and 20-day SMAs. This positioning indicates potential support at the longer-term SMAs while it faces resistance at the shorter-term SMAs, suggesting an impending need for a bullish momentum to break through these resistance levels.
SMA Values
The Simple Moving Average (SMA) values provide critical insights into the stock’s performance, serving as vital indicators for traders and investors alike.
Pivot Analysis
An analysis of the classic pivot levels indicates that ITC has significant resistance levels at ₹514.75, ₹518.95, and ₹522.95. Conversely, the stock finds support at ₹506.55, ₹502.55, and ₹498.35. Monitoring these levels can provide traders with key insights for potential entry and exit points.
Trading Volume Insights
As of 11 AM today, ITC’s trading volume on the NSE and BSE has surged by 131.10% compared to the previous trading session. This increased activity is crucial as trading volume serves as a barometer for market trends; robust price movements accompanied by high volumes often indicate a solid uptrend, while declining prices with high volume may suggest further bearish sentiment.
Market Sentiment
Overall, current technical analyses suggest that after a significant uptrend, ITC’s stock may be experiencing signs of a potential reversal. Investors should remain vigilant and watch for confirming signals to manage their positions effectively.
Fundamental Analysis
Examining the company’s fundamentals, ITC boasts a robust Return on Equity (ROE) of 28.48%, signaling strong profitability relative to shareholders’ equity. The stock has a current Price-to-Earnings (P/E) ratio of 31.21, indicating how much investors are willing to pay per unit of earnings. These metrics provide insights into the company’s operational efficiency and valuation in the current market environment.
Forecast and Target Price
The median one-year forecast for ITC’s stock suggests an upside of approximately 6.30%, with a target price set at ₹541.00. Investors should consider these projections in their decision-making processes.
Shareholding Structure
Looking into the shareholding patterns, ITC has recorded a 0.00% promoter holding, with mutual funds holding 20.10% and foreign institutional investors (FIIs) holding 14.96% as per the latest filings from the June quarter. This distribution reflects investor confidence and market participation.
Recent Changes in Holdings
Notably, mutual fund holdings have seen a slight decrease from 20.15% in March to 20.10% in the June quarter, while FII holdings have dropped from 15.44% to 14.96% in the same period. These changes highlight the evolving landscape of institutional investment in ITC.
Peer Performance
Today, ITC’s share price has decreased by 0.3% to trade at ₹508.95. Compared to its peers, there is a mixed performance with NTC Industries experiencing declines, whereas companies like Godfrey Phillips India, VST Industries, and Golden Tobacco are seeing gains. Overall, benchmark indices Nifty and Sensex are up by 0.58% and 0.5% respectively, indicating a generally positive market sentiment despite ITC’s downturn.
