Is ITC stock nearing the end of a 21-month correction? Bajaj Broking sees a 14% rally in 6 months

Bajaj Broking has picked ITC as its High Conviction MTF Pick, recommending accumulation in the ₹286-292 range with a six-month target of ₹330, implying around 14% upside. The brokerage believes ITC's 21-month correction, which has seen the stock fall from ₹485 to ₹275, is nearing exhaustion as it consolidates near a key support band of ₹270-290, reinforced by the 200-month EMA and the 61.8% retracement of its prior rally. The view is further supported by the monthly stochastic oscillator rebounding from oversold territory and generating a buy signal.