ITC shares in a downtrend, approach Rs 300 mark; buy on dips?

ITC share price: Shares of ITC Ltd have approached the Rs 300 mark after nearly 30 sessions, implying bears tightening their grip on the FMCG major. ITC shares closed at Rs 301.65 level on Tuesday. Market cap of the firm stood at Rs 3.78 lakh crore. ITC shares are neither oversold nor overbought on charts, with their RSI standing at 43.5. The FMCG stock is in a downtrend in the short to long term trading below the 10 day, 20 day, 30 day, 50 day, 100 day SMA, 150 day SMA, and 200 day SMAs. 

The FMCG stock has lost 24% in six months and 32% in a year. The company has announced its Q4 earnings where net profit fell 72.3% to Rs 5,469.74 crore from Rs 19,807 crore in the corresponding period last year.

The Q4 results were decent, but muted market reaction and concerns over cigarette tax impact have kept sentiment cautious on the ITC stock 

The stock, with losses of 32.09% from the 52 week high of Rs 444.15 on May 27, 2026, has slipped 17% this year.

Kunal Kamble, Sr. Technical Research Analyst at Bonanza said, "ITC Limited is witnessing a consolidation phase after a sharp correction from higher levels, and the stock is currently trading near a crucial support zone around Rs 295–300. Technically, the stock remains below its major moving averages, indicating weak near-term momentum, but RSI is gradually recovering from oversold territory, suggesting selling pressure may be easing. A sustained move above Rs 310 can trigger a pullback rally toward Rs 325–335, while stronger resistance is placed near 350. On the downside, Rs 290 remains a key support level; a break below this may extend weakness toward Rs 265 mark."

Hitesh Tailor, Technical Research at Choice Broking said, "ITC is currently trading in a broader corrective phase on the weekly chart after witnessing a sharp decline from its highs near Rs 500 levels. The stock's 200 Week EMA placed near Rs 368 continues to act as a major long-term resistance zone. However, the stock is now showing signs of stabilisation near the important Rs 290–300 zone, which earlier acted as a major breakout area and is currently providing support after the recent correction. The present price action indicates an attempt to form a base around this crucial support region. As long as ITC sustains above the Rs 290–300 support zone, the stock may witness gradual recovery towards Rs 325–340 levels in the coming weeks."