ITC gained 4.1% to Rs 207.05, extending gains to fourth consecutive trading session.
Shares of ITC have gained 7.4% in four trading sessions from its previous closing low of Rs 192.75 on 5 August 2020.The stock is trading near its 200 days simple moving average placed at 207.54. The level will act as a resistance zone in near term. The counter is above its 50 days simple moving average placed at 195.31. This level will act as a crucial support zone in near term.
On the technical front, the stock's RSI (relative strength index) stood at 64.337. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
ITC reported a 26.19% decline in net profit to Rs 2342.76 crore on a 17.4% fall in net sales to Rs 9501.75 crore in Q1 June 2020 over Q1 June 2019. Revenue from sale of cigarettes stood at Rs 3,853.79 crore (down 29.07% YoY) while total FMCG revenue, including cigarettes, was at Rs 7,228.36 crore (down 14.89% YoY).
ITC is engaged in the marketing of fast-moving consumer goods (FMGC). The firm operates through four segments: FMCG; hotels; paperboards, paper and packaging, and agri business. ITC is the market leader in cigarettes in India.
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