May 31, 2018 / 9:56 AM / 3 months ago

BUZZ-India's Dilip Buildcon sees worst day in 14 months; technicals suggest further downside

** Dilip Buildcon Ltd plunges further Thursday, down as much as 17.2 pct to 760.10 rupees, its lowest since Oct 17, 2017

** Stock fell 12.9 pct on Wednesday, co dismissed rumours about resignation of its auditor

** Separately, co released additional details on Thursday to clarify certain rumours relating to its deal with Shrem Group; co had signed here deal to sell 24 of its units to Shrem Group in Aug last year

** Stock posts biggest intraday pct fall since March 9, 2017; on track to fall for a third session

** Technical indicators suggest stock may fall further

** Stock’s 20-day exponential moving average(EMA) cuts below its 50-day EMA, a bearish sign

** An analysis of the wave pattern suggests the stock has completed a five-wave uptrend and wave A of the corrective cycle has started

** Stock has broken below its 200-day EMA, the average supported the stock on Wednesday

** Stock also breaks below a support at 838 rupees, the 38.2 pct Fibonacci retracement level of the entire uptrend from Nov 9, 2016 low to May 15, 2018 high

** Stock has a support at 769.95 rupees from the low of Feb 6, 2018, a break below which could lead to a fall towards 712.7 rupees, the 50 pct retracement level

** Stock has declined 7.2 pct this year, though it’s still up 107.4 pct in the past one year as of Wednesday’s close

Reporting by Krishna V Kurup and Gaurav Dogra

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