May 22, 2018 / 5:02 AM / a month ago

BUZZ-India's Grasim hits 10-1/2-month low; technicals suggest further downside

** Shares of chemicals and industrial materials maker Grasim Industries Ltd fall as much as 2.4 pct to 1,011.00 rupees, their lowest since July 3, 2017

** Stock's 50-day exponential moving average (EMA) cuts below its 200-day EMA on Monday, forming a 'death cross' which is seen as a bearish signal reut.rs/2LiQJ37

** Stock also breaks below a support at 1,047.8 rupees, the 38.2 pct Fibonacci retracement level of the uptrend from Nov 21, 2016 low to Nov 2, 2017 high

** This suggests stock may fall up to 969.9 rupees, the 50 pct retracement level

** Stock’s MACD is negative and below its signal line

** Company to report FY 2017-18 results on Wednesday; full-year consolidated net profit is estimated to rise 7.6 pct to 34.08 bln rupees ($501.0 mln)- Thomson Reuters Eikon

** Stock is down 11.14 pct so far this year as of Monday’s close, compared with a fall of 0.13 pct for the NSE Index ($1 = 68.0225 Indian rupees) (Reporting by Gaurav Dogra)

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