ITC shares: Oversold stock logs minor recovery, analysts on price targets
ITC share price: The stock has lost 24% in 2026 on the back of ITC facing a massive regulatory reset following an unprecedented cigarette tax hike from February 1, 2026.
- Jun 4, 2026,
- Updated Jun 4, 2026 10:15 AM IST
ITC share price: Shares of ITC, which are in a major downtrend this year, are set for a bounceback, says an analyst. However, the beaten down FMCG stock needs a sustained move above the Rs 320 mark to improve its technical outlook. The stock has lost 24% in 2026 on the back of ITC facing a massive regulatory reset following an unprecedented cigarette tax hike from February 1, 2026. The government replaced the old compensation cess structure, raising the core GST on cigarettes from 28% to 40% of the retail price.
In the current session, the stock fell to a fresh 52 week low of Rs 275 (fifth in five days) against the previous close of Rs 276.95. In late morning deals, the stock gained 0.75% to Rs 278.60 signaling minor recovery for the beaten down stock. The FMCG stock is trading below all its key moving averages (20, 50, 100 and 200 DMA), reflecting sustained weakness in the broader trend.
Market cap of the firm stood at Rs 3.48 lakh crore. ITC shares have turned oversold on charts, with their RSI standing at 27. A stock with RSI below 30 is considered trading in the oversold territory and has more sellers than buyers in a session
Amid the current losing streak, the FMCG stock took out the 52-week low of Rs 287 level hit on March 30 this year.
ITC investors have taken a hit of 31% in six months and 33% in a year.
Virat Jagad, Sr. Technical Research Analyst at Bonanza said, "ITC remains in a strong downtrend after breaking below the crucial Rs 310–320 support zone, which has now turned into a major resistance area. Price action continues to form lower highs and lower lows, indicating persistent selling pressure. RSI has slipped into oversold territory, suggesting weak momentum, though a technical bounce cannot be ruled out. Immediate support is placed near Rs 270–275, while resistance is seen at Rs 310–320. A sustained move above Rs 320 is required to improve the technical outlook meaningfully."
Hitesh Tailor, Technical Research Analyst at Choice Broking said, "ITC has remained under selling pressure after breaking below the crucial Rs 300 support zone, which earlier acted as a major demand area. The recent price action suggests continuation of the broader corrective trend, with lower highs and lower lows formation visible on the weekly chart. As long as ITC trades below the Rs 300–305 resistance zone, weakness may persist in the near term. On the downside, the stock could witness further pressure towards the Rs 270–260 zone."
ITC share price: Shares of ITC, which are in a major downtrend this year, are set for a bounceback, says an analyst. However, the beaten down FMCG stock needs a sustained move above the Rs 320 mark to improve its technical outlook. The stock has lost 24% in 2026 on the back of ITC facing a massive regulatory reset following an unprecedented cigarette tax hike from February 1, 2026. The government replaced the old compensation cess structure, raising the core GST on cigarettes from 28% to 40% of the retail price.
In the current session, the stock fell to a fresh 52 week low of Rs 275 (fifth in five days) against the previous close of Rs 276.95. In late morning deals, the stock gained 0.75% to Rs 278.60 signaling minor recovery for the beaten down stock. The FMCG stock is trading below all its key moving averages (20, 50, 100 and 200 DMA), reflecting sustained weakness in the broader trend.
Market cap of the firm stood at Rs 3.48 lakh crore. ITC shares have turned oversold on charts, with their RSI standing at 27. A stock with RSI below 30 is considered trading in the oversold territory and has more sellers than buyers in a session
Amid the current losing streak, the FMCG stock took out the 52-week low of Rs 287 level hit on March 30 this year.
ITC investors have taken a hit of 31% in six months and 33% in a year.
Virat Jagad, Sr. Technical Research Analyst at Bonanza said, "ITC remains in a strong downtrend after breaking below the crucial Rs 310–320 support zone, which has now turned into a major resistance area. Price action continues to form lower highs and lower lows, indicating persistent selling pressure. RSI has slipped into oversold territory, suggesting weak momentum, though a technical bounce cannot be ruled out. Immediate support is placed near Rs 270–275, while resistance is seen at Rs 310–320. A sustained move above Rs 320 is required to improve the technical outlook meaningfully."
Hitesh Tailor, Technical Research Analyst at Choice Broking said, "ITC has remained under selling pressure after breaking below the crucial Rs 300 support zone, which earlier acted as a major demand area. The recent price action suggests continuation of the broader corrective trend, with lower highs and lower lows formation visible on the weekly chart. As long as ITC trades below the Rs 300–305 resistance zone, weakness may persist in the near term. On the downside, the stock could witness further pressure towards the Rs 270–260 zone."