ITC share price: Down 41% since Sept 2024, will this 21-month-long correction end soon?

ITC target price: Shares of ITC Ltd could rally up to 19 per cent from current levels the coming months, according to technical analysts, who believe the stock's 21-month correction is nearing its end. They believe that the stock is headed for double digits gains, as the corrective phase is nearing its end, post its rebound from its 52-week low at Rs 275, hit earlier this month.

To recall, shares of ITC settled at Rs 290.05 on Thursday, down 0.07 per cent for the day. The company commands a total market capitalization of Rs 3.63 lakh crore. The stock has plunged 32 per cent from its 52-week high at Rs 426.50, hit in October 2026. The stock is down nearly 5 per cent in the last month, and down nearly 30 per cent in the last six months, while it is down 41 per cent from its peak around Rs 495, hit 21 months ago in September 2024.

The ongoing correction has exhibited a comparable magnitude, with the stock declining from 485 to 275, a fall of 210 points. From a time perspective as well, the current correction closely mirrors the earlier phase, having already extended for nearly 21 months. This alignment in both price and duration suggests that the present corrective phase may be nearing exhaustion, said Bajaj Broking.

"The stock has major support around Rs 270-290 levels being the confluence of 61.8 per cent retracement of the previous major rally Rs 190 to Rs 485 and 200 months EMA placed around Rs 260 , which has historically acted as strong demand area for the stock. Previous breakout area placed around 260 - 280 levels which is likely to act as support," it said.

The monthly stochastic has also rebounded from oversold territory and has generated buy signals thus supporting positive bias . We expect the stock to head higher towards Rs 330 levels being the confluence of the high of February 2026 and 23.6 per cent retracement of the entire decline from Rs 485 to Rs 275, Bajaj Broking added.

According to analysts, ITC stock price has undergone a corrective phase over the past 21 months and is currently consolidating near a crucial support zone . This technical setup offers a favorable risk - reward profile, positioning the stock for a pullback in the coming months. The stock is nearing both price and time parity with its previous major decline.

ITC is trading below all major moving averages—50, 100, and 200 DMA. On the weekly chart, there is a bullish divergence on the RSI, which suggests potential upward momentum, said Jigar S Patel, Senior Technical Research Analysts at Anand Rathi Share and Stock Brokers Ltd.

According to Patel, immediate support levels are at Rs 275 and Rs 280. Key resistance levels are around Rs 295 and Rs 310. A break above those resistances could fuel a further rally, especially if the bullish RSI divergence plays out.

ITC has formed a crucial bottom after a 45 per cent correction from its all-time high. The daily chart shows a 'lower top, lower bottom' pattern within a falling channel—a classic setup often preceding a breakout, said Muthuselvaraj M, Research analyst at Mirae asset ShareKhan.

"A move above Rs 312 could trigger a rally toward Rs 325–345. With the price holding at the 20-day SMA and weekly momentum indicators (RSI and MACD) showing bullish divergence, a buy signal is confirmed. Key support sits at Rs 275. We expect the stock to maintain a positive bias, potentially testing the Rs 325–340 retracement levels," he added.
 

ITC Q4 results
ITC reported a 4.89 per cent year-on-year (YoY) jump in the net profit at Rs 5,113 crore, while its revenue increased 17 per cent YoY to Rs 21,695 crore for the March 2026 quarter. ITC's standalone Ebitda for Q4 FY26 grew by 7.3 per cent YoY to Rs 6,425 crore. The company board announced a final dividend of Rs 8 per share.

Post quarterly earnings, analysts remained dividend on ITC shares. BoB Capital Markets has a 'buy' rating on it with a target price of Rs 335, while PL Capital suggested to 'sell' the stock for a target price of Rs 302. Motilal Oswal has a 'neutral' rating on ITC with a target price of Rs 300 but Axis Direct suggested to 'hold' it for a target of Rs 325.