ITI Shares Break Out of Parallel Channel: SEBI RA Prabhat Mittal Sees Upside to ₹380

ITI Ltd has exited its prolonged parallel channel formation after the latest quarterly results showed renewed upward price momentum, according to SEBI-registered analyst Prabhat Mittal.

At the time of writing, ITI Ltd shares were trading at ₹334.55, up ₹25.30 or 8.18% on the day.

ITI Ltd narrowed its net loss to ₹4.4 crore for the March quarter, from ₹239 crore a year earlier, while revenue jumped 73.9% year-on-year to ₹1,046 crore. 

The company's EBITDA loss also reduced sharply to ₹28.2 crore from ₹174 crore in the same period.

According to Mittal, the stock displayed consistent support levels around ₹235 while encountering resistance near ₹290.

The analyst said that market participants have identified the breakout as a critical technical event, suggesting the end of the consolidation period. 

The stock maintains trading levels above its 20-day, 50-day, 100-day, and 200-day moving averages, which typically indicate strong bullish momentum.

Mittal said that the MACD (12,26) indicator showed a buy signal, which strengthened the positive trend in stock momentum.

The analyst predicts additional price increases following the breakout and sees potential for the stock to rise to ₹360 and ₹380. 

Mittal said traders should consider entering positions at ₹320 to ₹329 with a firm stop-loss order at ₹309 as a risk management strategy.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘high’ message volume.

The stock has declined 12.4% so far in 2025.

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