Top Trending Stock: ITC share became a rocket despite cigarette being expensive, know what is the reason – itc limited jumps over five percent top gainer in nifty
Mumbai: Shares of cigarette maker ITC jumped over five per cent on Thursday. It witnessed heavy trading activity in the opening hours and was the top gainer in the Nifty 50 index. A 16 per cent increase in duty on cigarettes has been proposed in the budget for the financial year 2023-24 presented on Wednesday. Despite this, ITC shares are seeing a boom. Technically, the stock registered a breakout from its 12 week cup pattern with heavy volumes. All its moving averages are moving higher and showing bullish momentum across all timeframes. Its 14-day RSI (82.89) is showing strong bullish signals in the short term.
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