ITC can double from current levels; HUL, Marico may hit new highs

The current chart formation is akin to 2011, provided ITC ends August on a positive note. Post which, the stock can potentially double from current levels.

Indian conglomerate, cigarettes-to-hotels major, ITC rallied to a fresh over three-year high in intra-day trades on Tuesday after the company delivered stellar Q1 results. The stock has rallied 45 per cent on a year-till-date basis. READ MORE  

The stock has delivered positive returns since February 2022 by advancing higher on monthly scale, compared to benchmark indices, the BSE Sensex and Nifty that clocked negative returns, and even touched new-52-weeks during the period. 

If ITC succeeds to close on a positive note in August, then the chart formation would be similar to that of 2011. Following which, the stock