May 17, 2019 / 5:10 AM / 4 days ago

BUZZ-India's Hindalco hits near 3-month low; technicals suggest more downside

** Shares of Hindalco Industries Ltd fall as much as 3.75% to 187.30 rupees, their lowest since Feb. 19

** Stock cuts below a support at 189.47 rupees, the 38.2% Fibonacci projection level of the downtrend from Oct. 4, 2018 high to Feb. 15, 2019 low tmsnrt.rs/2EeUh4t

** A close below this 38.2% level may lead to further fall up to the next support at 180.32 rupees, the 50% level

** Stock trades below its 20, 50 and 200-day exponential moving averages, seen bearish for the stock

** Trend intensity(TI) indicator rises to 16, suggests a new downtrend has started for the stock, MACD is negative and below its signal line

** Stock down about 14% this year as of last close, while the broader NSE Index has gained 3.6% in the same period

Reporting by Gaurav Dogra

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