Post-pandemic normalization of consumption patterns and improving disposable incomes support demand recovery. The company's digital initiatives and direct-to-consumer channels enhance market reach and margins. State policy reforms and excise duty rationalization could provide operational tailwinds. The stock is trading below all major moving averages - 20-day SMA at ₹1,333.18, 50-day SMA at ₹1,322.38, and significantly below 200-day SMA at ₹1,421.73[Price Analysis], confirming bearish technical setup. This positioning suggests sustained downward pressure and lack of buying interest. The approaching oversold RSI levels and trading near key support zones suggest potential for technical bounce toward ₹1,400-₹1,450 levels over 3-4 months. A sustained move above ₹1,350 would confirm trend reversal and target the ₹1,450-₹1,500 resistance zone.