June 11, 2019 / 4:48 AM / 4 months ago

BUZZ-India's Sun Pharma at near 4-week low; chart points to more downside

** Shares of Sun Pharmaceutical Industries Ltd fall about 4% to 386 rupees, their lowest since May 16

** Stock breaks below a support at 394.83 rupees, the 23.6% Fibonacci projection level of the downtrend from April 1 high to May 13 low (wave 1) tmsnrt.rs/2R3mZdC

** Breakdown suggests in the near term stock may test the next support at 374.43, the 38.2% projection level

** Trend intensity (TI) indicator rises to 20, suggesting a downtrend for the stock

** MACD is negative and below its signal line

** Stock down 6.6% this year, as of last close, while the broader NSE Index is up 9.8% in the same period

Reporting by Gaurav Dogra

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