ITC share price tanks over 2.5 pct! Is it opportune to buy? Experts have this to say about it

ITC share price today has crashed over 2.5 per cent during the opening session today. It went down to 214.25, which was Rs 5.80 lower from its previous close on 1st April, 2021.

ITC share price has strong support at Rs 210 and traders can buy at current levels for the immediate target of Rs 228 and next target of Rs 235, say experts. Photo: PTI

ITC share price today has crashed over 2.5 per cent during the opening session today. It went down to 214.25, which was Rs 5.80 lower from its previous close on 1st April, 2021. According to stock market experts, ITC stock price crash is due to the fresh fears of rising COVID-19 cases across the nation. However, importantly, they also maintained that when there is fear there is opportunity there too for investors. They advised share market investors to buy ITC stock for the target of up to Rs 235 while maintaining the stop-loss at Rs 210.

Speaking on ITC share price outlook, Mudit Goel, Senior Research Analyst at SMC said, "ITC share price has strong support at Rs 210 and traders can buy at current levels for the immediate target of Rs 228 and next target of Rs 235. But, one must maintain the stop-loss below Rs 210."

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Highlighting the reason for ITC stock price crash, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The major reason for ITC share price slide are the rising cases of COVID-19. Due to this sudden rise in COVID-19 cases, ITC's tobacco and hotel business is likely to be hit, but its FMCG business will remain strong. Since the COVID-19 is a temporary sentiment, the weakness in ITC fundamentals are expected to ensure it holds its ground. So, ITC is expected to regain its Midas' touch once COVID-19 second wave settles down."

Gorakshkar advised investors to accumulate quality stocks in this COVID-19-hit market as it will help them accumulate money at a faster rate once pandemic fear abates.

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