ITC shares stuck in bear grip; should you 'buy on dips'?

ITC share price: Shares of FMCG and cigarette major ITC  are stuck in bear grip, slipping toward the Rs 300 mark after seven sessions. On April 24, the stock closed at Rs 301 level. The stock, with losses of 30.21% from the 52 week high of Rs 444.15 on May 27, 2026, has slipped 15% this year.

The FMCG stock is in a downtrend in the medium to long term trading below the 100 day SMA, 150 day SMA, and 200 day SMAs. 
 
Meanwhile, in the current session, ITC shares were trading 0.39% lower at Rs 310.25. Market cap of the firm stood at Rs 3.88 lakh crore. ITC shares are neither oversold nor overbought on charts, with their RSI standing at 56.3.

The FMCG stock has lost 24% in six months and 29% in a year. The company is yet to announce its Q4 and fiscal earnings. 

Price targets, stop losses

Jigar S Patel from Anand Rathi said, "Support is placed at Rs 310, while resistance stands at Rs 318. A decisive breakout above Rs 318 could open the door for further upside towards Rs 322. For the short term, the stock is expected to trade within the Rs 310  –Rs 322  range. Buy on dips advised." 

Aakash Shah, Technical Analyst, at Choice Broking appears bullish on the outlook of the FMCG stock.

"The recent bounce from the Rs 287 zone indicates fresh buying interest, suggesting that the stock may be attempting to form a short-term bottom after sustained selling pressure. On the technical front, ITC has managed to reclaim its 20-day EMA, which reflects improving near-term momentum. This move signals that buyers are gradually returning and sentiment is turning positive after weeks of weakness. A close above the 50-day EMA near Rs 311 already highlights early strength, while the stock is now attempting to sustain above the 100-day EMA around Rs 330. If ITC manages to hold above these levels, it may confirm a stronger reversal setup and open room for further upside. On the downside, the Rs 300 level remains immediate support and a crucial stop-loss zone for short-term traders. If ITC sustains above Rs 300, it could pave the way for an upside move towards Rs 329, followed by Rs 340, which aligns with previous swing resistance and technical supply zones," said Shah. 

Virat Jagad, Sr. Technical Research Analyst at Bonanza Portfolio appears bearish on the prospects of the ITC stock. 

"ITC's broader structure remains firmly negative as price action continues to face rejection at key EMAs, confirming sustained bearish momentum. With the RSI capped below the 50-mark indicating an absence of buying strength, we advocate a 'sell on rise' approach. Initiate short positions on pullbacks, targeting Rs 300 and Rs 290, with a strict stop-loss at Rs 334," said Jagad.