ITC is the only Bull in the last 9 months Bear market and has been moving in a different orbit altogether. The stock is inching closer to the high of Rs.323 hit on 1/9/2018.
The technical set-up is still looking good and the stock can make a 5-year high in the near term. If you are holding the stock, keep it under lock and key. For additional investment, one will have to wait for the stock to correct, say, to Rs.300 and Rs.280, in case the market gives a heavy correction.
Over a 12/15 months time horizon, we expect the stock to go to Rs.350-420 levels as the company reorganizes its diversified product lines. Even at current prices, the valuations are reasonable & attractive with a dividend yield of ~ 5.50%.
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