Bajaj Broking Research has released its stock recommendations for July 3, 2026, identifying ITC and Ramco Industries as top buys for investors. The recommendations are based on detailed technical analysis, offering specific entry ranges and price targets.
ITC: Corrective Phase Nearing Exhaustion
According to Bajaj Broking Research, ITC stock has undergone a corrective phase over the past 21 months and is currently consolidating near a crucial support zone. The advisory recommends buying in the range of ₹286-292, positioning the stock for a pullback in the coming months.
The current corrective phase appears to be approaching its final stages, as the stock is nearing both price and time parity with its previous major decline. Between July 2017 and March 2020, the stock fell from 338 to 124, a decline of 214 points. The ongoing correction has exhibited a comparable magnitude, with the stock declining from 485 to 275, a fall of 210 points. From a time perspective, the current correction closely mirrors the earlier phase, having already extended for approximately 21 months. This alignment in both price and duration suggests that the present corrective phase may be nearing exhaustion.
The monthly stochastic has also rebounded from oversold territory and has generated buy signals, supporting a positive bias. Bajaj Broking Research expects the stock to head higher towards 330 levels, being the confluence of the high of February 2026 and 23.6% retracement of the entire decline from 485 to 275.
Ramco Industries: Cup and Handle Breakout
For Ramco Industries, the research recommends buying in the range of 334.00-342.00. The stock has recently generated a breakout above the last four months' bullish Cup & Handle formation, signaling continuation of the up move and offering a fresh entry opportunity for the next leg of the up move.
The breakout is supported by strong volume, indicating larger participation at the breakout area and highlighting strength. A key technical observation on the daily chart is the recent formation of a golden crossover, wherein the 50-day Exponential Moving Average (EMA) has crossed above the 200-day EMA. This crossover is widely regarded as a strong bullish signal, indicating a shift in trend from bearish to bullish territory.
Going ahead, the stock is expected to head towards the 388 level over the coming months, which represents the measuring implication of the handle of the recent cup and handle breakout area. The previous all-time high is also placed around 388 levels.
Technical Analysis and Key Levels
| Stock | Buy Range | Target | Key Technical Setup |
|---|---|---|---|
| ITC | ₹286-292 | ₹330 | Corrective phase nearing exhaustion; monthly stochastic buy signal |
| Ramco Industries | ₹334-342 | ₹388 | Cup and Handle breakout; golden crossover on daily chart |
The recommendations are based purely on technical analysis. Investors should note that the corrective phase in ITC has lasted 21 months, aligning with previous downturns in both price decline magnitude (210 points vs 214 points) and duration. For Ramco, the breakout is supported by volume and the golden crossover adds conviction to the bullish outlook.
Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.
For equity analysts and investors, these technical setups offer defined entry and exit points. The near-term catalyst for ITC will be a sustained move above 292, while Ramco's ability to hold above 342 after the breakout will be critical for validating the bullish thesis.
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