ITC shares trading below Rs 400 mark for 7 months, analysts share price targets, stop losses

Shares of ITC are in a downtrend this year falling giving up the key Rs 400 and 300 levels on the back of a hike in Goods and Services Tax (GST) on cigarettes in India to 40% from 28% GST plus compensation cess. ITC stock gave up the Rs 400 mark on January 2 on an intra day basis. Since then, it has always traded below the Rs 400 level. ITC stock fell on January 2 this year after the government notified on January 1 that from February 1 additional excise duty will be levied on tobacco products along with a new cess on pan masala.

On May 26 this year, ITC share price gave up the Rs 300 mark on negative sentiment arising out of a hike in  cigarette tax and subdued Q4 earnings. It has traded below the Rs 300 mark since then. Subsequently, the stock also fell to a 52 week low of Rs 275 on June 4, 2026 with the US-Iran war adding to the woes of investors.

In the current session, the cigarette and FMCG major's stock rose 0.47% to Rs 287.65. Market cap of the firm stood at Rs 3.60 lakh crore. ITC shares are neither oversold nor overbought on charts, with their RSI standing at 54.1.

ITC share price targets 

Hitesh Tailor, Technical Research Analyst at Choice Broking said, "Currently trading around Rs 290, the stock is holding above the Rs 270–275 support zone, which remains a crucial demand area. On the upside, the Rs 310–320 zone, aligned with the previous Lower High, is likely to act as a significant resistance. A decisive breakout and sustained move above this hurdle would be required to confirm a trend reversal. Until then, the stock is expected to remain range-bound with a neutral-to-cautious bias."

Virat Jagad, Sr. Technical Research Analyst at Bonanza said, "ITC has witnessed a strong pullback from lower levels, forming a bullish reversal candle with above-average volumes, indicating renewed buying interest after a prolonged corrective phase. The stock has reclaimed its 20 DEMA while RSI has moved above 60, reflecting improving momentum. However, it continues to trade below the 50, 100 and 200 DEMA, suggesting the broader trend remains weak. A sustained move above Rs 295–300 could trigger further upside towards Rs 305–310, while immediate support is placed at Rs 285, followed by Rs 280. Traders may consider accumulating on dips with a strict stop loss below Rs 280, as long as the stock holds above key short-term support."