January 30, 2018 / 5:35 AM / in 7 months

BUZZ-India's Power Grid hits 10-1/2-month low; charts suggest further downside

** Shares of Power Grid Corp of India fall as much as 1.78 pct to 190.7 rupees, their lowest since March 10, 2017

** Stock breaks below a support at 193.55 rupees, the 23.6 pct Fibonacci retracement of the uptrend from Aug. 2, 2013 low of 86.55 to Aug. 8, 2017 high of 226.6 reut.rs/2ElsMVu

** A death cross occurred on the chart this month when the stock’s 50-day exponential moving average (EMA) cut below its 200-day EMA, seen as a bearish signal for the stock

** A close below 193.55 rupees may lead to a move towards 173.1 rupees, the 38.2 pct retracement level

** Stock’s Trend intensity (TI) indicator rises to 20, suggesting stock is in downtrend

** MACD is also negative and below its signal line

** Stock down 3.1 pct this year as of Monday’s close, underperforming the NSE Index’s 5.69 pct gain

Reporting by Gaurav S Dogra

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