ITC shares set for worst returns in 22 years; price targets signal more downside ITC shares are currently in a prolonged downtrend, with the stock nearing its 52-week low of Rs 275, a level last seen on June 4, 2026. This decline marks the worst annual returns for ITC shareholders in at least 22 years, as the stock has fallen 30% this year. The performance is starkly worse than the second-worst year for the company, which occurred in 2008 when the stock dropped 18%, according to Bloomberg data. Analysts and market participants are warning that the downward trajectory is far from over, with technical indicators pointing to further weakness. The stock’s current price of Rs 276.50 represents a significant drop from its previous close of Rs 276.95, reflecting a broader trend of sustained selling pressure. ITC’s shares are trading below all key moving averages, including the 20-day, 50-day, 100-day, and 200-day DMA, which signals a lack of bullish momentum. The Relative Strength Index (RSI) stands at 34.5, indicating that the stock is neither overbought nor oversold, but the low RSI suggests weak buying interest. Technical analysts are pessimistic about the near-term outlook, with many warning that the stock could test critical support levels if it fails to break above key resistance. Virat Jagad, a senior technical research analyst at Bonanza Portfolio, highlighted the deteriorating technical picture. He noted that the stock’s recent breakdown from a descending channel and its failure to hold above the Rs 292 resistance level indicate that sellers remain in control. Jagad warned that as long as the stock remains below Rs 292, the downside risk could extend to Rs 264 and Rs 250.#itc #virat_jagad #choice_broking #hitesh_tailor #bonanza_portfolio
