ITC LTD.:
Yesterday
prices of ITC Ltd closes positive above Resistance at 323.65 Technically in daily chart, overall
trend is bullish and in Friday trading session we saw that it break the
Resistance level at 319.90. With GST set to roll-out from July 1, there still
is uncertainty on rates for tobacco; our calculation suggests a decline
assuming additional duty surcharge (ADS) is not charged on top of GST &
cess. We, however, model in a neutral outcome which itself would drive
double-digit earnings growth after two years. the investor can take long
position when the prices retrace to the level of 323 it can further breach to
the level of 327-340 and can put the risk part below the level of 316. It can
extend its uptrend and reach the price targets of 370 in the upcoming trading session.
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