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India's own 'meme' stock comes alive after long hiatus; analysts gung ho


NEW DELHI: India’s own ‘meme’ stock,
ITC, has climbed in six of last eight sessions, making traders wonder whether the scrip will finally come out of its painful range after exhibiting extreme rangebound movements for a long time now.
Rangebound trading on the cigarette maker has made it a popular theme for ‘meme’ lovers across social media platforms.
On Monday, the stock rose 0.09 per cent to close at Rs 212.55 in the back of Friday’s 4.45 per cent gain. Technical charts suggest the stock may soon come out of range and test the Rs 250 level.
Aditya Agarwala, Senior Technical Analyst at YES Securities, said the stock has been oscillating in a broad rising channel since the March 2020 crash. ....

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