CESC - A leader now underperforming the others

is showing increasing technical weakness on the daily chart, with the stock slipping below the rising trendline support that had been holding the price structure since the 2025 lows. The breakdown around ₹155–160 is significant as this trendline had provided repeated support, and a sustained move below it can signal a shift from consolidation to a deeper corrective phase. The stock is currently around ₹153, and failure to reclaim ₹155–160 could keep selling pressure intact. The next important support levels are around ₹145, followed by ₹135–130, while a deeper breakdown could bring the ₹120–125 zone into focus. The broader power and utility space is also facing a comparatively weaker setup, with concerns around regulatory developments, tariff dynamics, fuel costs, demand conditions and pressure on returns across certain segments weighing on sentiment. For CESC specifically, the inability to hold the long-term rising support line is technically concerning after repeated failures near the ₹180–205 resistance region. Unless the stock quickly reclaims ₹160 and establishes itself back above the broken trendline, the risk remains tilted toward further downside. Traders should therefore remain cautious, with ₹160 acting as the immediate level to watch and ₹145–130 as the next major downside zone.