July 4, 2018 / 8:23 AM / 17 days ago

BUZZ-India's Grasim sinks to more than year-low; charts suggest further downside

** Shares of Grasim Industries Ltd fall as much as 2.5 pct to 961.35 rupees, their lowest since June 27, 2017

** Stock breaks below a support at 270 rupees, the 50 pct Fibonacci retracement level of the uptrend from Nov. 21, 2016 low to Nov. 2, 2017 high reut.rs/2NqBQwv

** This suggests stock may now fall towards the next support at 892 rupees, the 61.8 pct retracement level

** Stock’s RSI has failed to cross its 60 level for the past six months, suggesting a bearish outlook for the counter

** Trend intensity (TI) indicator rises to 18, indicating stock is in early stages of a downtrend

** MACD is also negative and below its signal line

** Stock is down 15.43 pct this year as of Tuesday’s close while the broader NSE Index is up 1.61 pct in the same period

Reporting by Gaurav Dogra; Editing by Sunil Nair

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