People were making fun in the past but ITC has smoked them into oblivion. Market participants do not leave a chance to troll ITC shares for not moving an inch in either an up-trending market or a falling market, but the share price of ITC has risen by over 32% in one year.

The company’s stock has been rising at a time when shares of many consumer firms have been hammered. Shares of ITC Ltd continued the uptrend with the stock rising to a 3-year high in Monday’s early session as it was up over 2% to 290, its highest level since 2019. From being a dull performer in the past few years, the stock has outperformed in 2022 so far as it has rallied more than 32% during the period as compared to about 11% fall in benchmark Sensex.

Technical View

In the daily time frame, ITC Ltd. share prices are moving in the form of Impulse wave pattern. As per Elliott wave theory, there is a clear impulse rise as shown on the daily chart. Primary stage of wave 3 is ongoing on upside. After completion of wave 3 , we can see a correction in stock near 265 level which will be wave 4. At that point stock is expected to resume its upside gain in the form of wave 5.

As the chart looks attractive for the short term, one can initiate buy and accumulate this stock near current levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 300 in coming days which is 161.8% projection level of Fibonacci also the target of wave 3.