ITC Shares Dip 1% Amidst Green Market: Is It a Buy for Value Investors?

• ITC Limited shares fell nearly 1% on Monday, February 23, as investors booked profits after a 4% gain last week, despite a firm broader market.
• The stock opened flat at Rs 327 and touched an intraday low of Rs 324.40 on NSE, contrasting with Nifty 50's rise.
• Analysts maintain a positive long-term view on ITC, citing strong core cigarette business and FMCG growth, but caution on near-term volume uncertainty due to tax hikes.
• Technical analysis suggests the stock is in a strong support zone (50%-61.8% Fibonacci retracement) and momentum indicators are oversold, hinting at a potential pullback.
• Experts recommend accumulating ITC in the Rs 335–305 band with a target of Rs 385, despite risks like regulatory uncertainty and illicit trade, due to its dividend yield and attractive valuations.