ITC share price uptrend aging as demerger date nears: Anand James
ITC shares ended the week 3% higher as the demerger of its hotels business came into effect from January 1 with the record date for shareholders being January 6.
An uptrend is in play, but is aging and slow down in momentum is expected, Anand James, Chief Market Strategist, Geojit Financial Services, says.
“Expect the ongoing uptrend to face resistance in the next few days, followed by a turn lower. Such dips are less likely to be deep, and an attempt to clear Rs 484 could be seen as long as Rs 470 is intact. In such a scenario, we could see the stock settling above Rs 500 shortly,” he said.
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