Shares of ITC Ltd. recorded a new 52-week low for the second consecutive trading session on Tuesday, reflecting broader market weakness. The stock dipped to Rs 270.65 during afternoon trading, down from its prior close of Rs 273.25. This downturn pushed the fast-moving consumer goods (FMCG) and cigarette conglomerate's market capitalization down to Rs 3.39 lakh crore.
Recent Performance and Trends
The ongoing decline means ITC shares have now fallen 43% over the past two years and 26% since the start of 2026. The previous session also saw the stock reach a fresh 52-week low of Rs 273. This persistent downtrend, which included a 12% drop in 2025, has been influenced by a hike in tobacco taxes implemented in January 2026. The stock is currently trading below its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages, indicating a strong bearish trend.
Expert Technical Analysis
Jigar S Patel, Senior Technical Research Analyst at Anand Rathi Share and Stock Brokers, characterized ITC as a 'sell on rally' candidate. He identified key support levels between Rs 268 and Rs 255, with resistance expected in the Rs 285-300 range.
Patel elaborated that ITC maintains a 'weak-to-cautious' technical posture, trading around Rs 273.40, below its Keltner mid-band of Rs 285.73. The Relative Strength Index (RSI) at 34.87 signals weak momentum, compounded by a bearish Directional Movement Index (DMI), where the -DI (28.23) surpasses the +DI (12.25). He highlighted immediate critical support at Rs 268–270, aligning with the lower Keltner band. A definitive break below Rs 268 could see the stock decline further to Rs 260–255. Conversely, initial resistance is pegged at Rs 285–286, followed by Rs 298–303. For a significant trend reversal, ITC would need to decisively surpass Rs 303; otherwise, any upward movements towards resistance are likely to encounter selling pressure. Patel emphasized monitoring the Rs 268–270 support zone given current technical indicators.
Brokerage Price Targets
Despite the recent downturn, several brokerages have issued various target prices for ITC stock:
- Antique Stock Broking: Rs 408
- Investec: Rs 308
- JPMorgan: Rs 310
- HSBC: Rs 320
- Nomura: Rs 340 (with a 'Buy' call)
- Jefferies: Rs 350
- UBS: Rs 350
- BNP Paribas: Rs 380
- CLSA: Rs 388