Shares of ITC are the top losers on the Nifty 50 index after the company announced its hotels business demerger on Monday. The stock fell 4 percent on Monday post the announcement. You can read more about the demerger details and how the street is valuing the hotels business in this piece.

The stock is down for the third day in a row on Tuesday. The last instance of the stock declining for three days in a row was between July 6-10. Before the three-day drop, the stock had gained nearly 50 percent year-to-date and was the second-best performance on the Nifty 50 index.

Shares of ITC are declining with volumes that are six times higher than its 20-day average.

Here are the views from three chartists on the next key levels for ITC and what should you as a trader do:

The broader trend for the stock remains positive, but it witnessed selling pressure around the resistance of Rs 500, where call writers had significant positions," said Ruchit Jain of 5paisa.com. "Supports for the stock are placed around 450-430 and investors can look for buying opportunities on declines around the support levels," he added.

Chandan Taparia of Motilal Oswal said that the major trend of the stock remains intact but the short-term trend appears to have taken a pause. He expects the stock to decline towards the next support level of Rs 446.

"ITC enjoyed an extremely strong upside with strong outperformance seen in the last few months. In the last few weeks, however, price rise was seen along with negative divergence in rsi implying the uptrend may witness a fatigue," said Gaurav Bissa of InCred Equities.

"The stock can witness some more downside and attempt a move towards 425-430 levels where its 21-EMA on the weekly charts is placed. The stock is currently trading in a 15-month ascending channel with supports placed around 425 levels, thereby increasing the significance of this being a strong support in the medium term," he said.

Shares of ITC are currently trading 2.9 percent lower at Rs 457.65. The stock is the top loser on the Nifty 50 index.