ITC hits 52-week high; rises 12% in five days

ITC gained 0.68% to Rs 243.1, rising for fifth consecutive trading session.

Shares of ITC have surged 12.5% in five trading sessions from its previous closing low of Rs 216 on 15 September 2021. The counter hit a 52-week high of Rs 244.30 in intraday today. The stock has surged 48.78% from its 52-week low of Rs 163.40 recorded on 29 October 2020.

In last one month, the stock has moved nearly 18% higher outperforming Nifty 50 index which rose 6.3% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 87.022. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 211.80 and 209.28 respectively. These levels will act as crucial support zones in near term.

ITC is engaged in the marketing of fast-moving consumer goods (FMGC). The firm operates through four segments: FMCG; hotels; paperboards, paper and packaging, and agri business. ITC is the market leader in cigarettes in India. The conglomerate reported 28.6% rise in standalone net profit to Rs 3,013.49 crore on 37.3% rise in net sales to Rs 12,142.43 crore in Q1 FY22 over Q1 FY21.

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