ITC: Fresh break out can push stock towards Rs 265 level, charts show

The shares of ITC Ltd are all set to rally towards its 52-week high level of Rs 265.30 as it breaks out from the "Double Bottom" formation on the daily chart

Shares of cigarette to fast moving consumer goods (FMCG) conglomerate ITC are up over 9 per cent in a week. Moreover, it has gained about 6.6 per cent in 3 days after the government in the Budget 2022 proposals left excise duty on cigarettes untouched. The shares were trading 0.7 per cent higher at Rs 233 per share on the BSE at 12:35 PM, as against a 0.8 per cent fall in the benchmark S&P BSE Sensex. 

According to analysts at JM Financial, ITC has the potential to reverse the long period of lacklustre performance. "We cite government's increasingly logical stance