Stock to Buy: The domestic stock market opened flat on Tuesday, September 3, with the Sensex and Nifty showing marginal gains. Despite the sluggish start, select stocks are displaying positive movement on the technical charts. Brokerage Motilal Oswal has identified ITC, a leading FMCG company, as a top technical pick. The brokerage recommends buying ITC with a short-term perspective of 2-3 days.
Stock Market Today, September 3
The market began the day with slight gains, but early profit booking led to flat trading. The Sensex opened 93 points higher at 82,652, while the Nifty was up 35 points at 25,313, and Bank Nifty gained 40 points to open at 51,479. Weakness was observed in private banks and IT sectors, while FMCG and Pharma stocks showed strength.
ITC: Potential for quick gains in 2-3 days
Brokerage Motilal Oswal has highlighted ITC as a strong buy for the next 2-3 days, setting a target price of Rs 530. On September 2, 2024, the stock closed at Rs 510, indicating a potential increase of 4-5 per cent from its current price.
ITC’s Performance
ITC began Tuesday’s trading session on a positive note, quickly reaching a new 52-week high. Over the last month, the stock has risen by 3 per cent, delivering a 25 per cent return over six months and approximately 20 per cent in the past three months. The stock has yielded a 16 per cent return over the past year and has gained 10 per cent so far in 2024. ITC’s 52-week high on the BSE is Rs 516, and its low is Rs 399.30. The company’s market capitalization exceeds Rs 6.43 lakh crore.
Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Times TodayBusiness suggests its readers consult their investment advisers before making any financial decision.
