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Cash Market | ITC reverses from the support of moving average EMA61 

Moneycontrol Contributor   •

Positive futures data with reversal from support in ITC indicates an upmove

ITC | CMP: Rs 260.40 | The FMCG major stock price slipped over a percent on June 16 despite Motilal Oswal upgrading the stock to buy from neutral. The domestic research and broking firm has a target of Rs 335 per share, an upside of 27 percent. According to Motilal Oswal, better than expected demand recovery, healthy margin outlook on cigarettes, sales momentum in the FMCG business, lower drag from the hotels business, and better capital allocation in recent years have led to the upgrade.

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