ITC shares today surged to a 5-year high of 329.60 per share, just 10 per cent away from its lifetime high of Rs367.70 per level on NSE, which it had reached in July 2017. ITC shares are continuing their upward trend that started at the end of February this year.

The share price of ITC has provided a multiyear breakout on the chart pattern, according to analysts in the stock market, and it is currently in an uptrend. In addition, it is one of the most popular stocks on Dalal Street due to ITC Chairman Sanjiv Puri’s announcement that ITC Hotels may soon be listed as a separate business.

In addition, the balance sheet of the company’s FMCG business segment is anticipated to improve due to stronger crop yield estimates and declining commodity prices.

The CEO of GCL Securities, Ravi Singhal, commented on the recent craze around ITC shares by stating, “ITC share price is on the upswing after ushering in the new financial year. However, the chairman Sanjiv Puri’s announcement on the ITC Hotel’s listing on Dalal Street recently caused a buzz in the stock. ITC Hotel may soon list on Indian bourses, according to the ITC Chairman, which has sparked some short-term buzz in the stock.

However, other fundamentals, such as declining commodity prices and anticipated higher crop yields, are also anticipated to support the company’s balance sheet. Therefore, it is anticipated that the stock will continue to rise in short to medium term. By Deepawali 2022, it may even approach its all-time high of $367.70 a share.”

According to Choice Broking’s Executive Director, Sumeet Bagadia, the ITC share price gain is expected to continue. “ITC stock is showing strength on the daily, weekly, and monthly chart patterns after recently completing a multiyear breakthrough. On the chart, it is forming a higher high, higher low pattern, which suggests that the counter will continue to rise.

ITC shares should be held with a trailing stop loss at 310 for a short-term aim of 370 to 375 by stockholders who own ITC shares.