July 13, 2018 / 6:59 AM / 4 months ago

BUZZ-India's UPL hits 2-year low; technicals suggest more downside

** Shares of agrochemicals maker UPL Ltd fall as much as 5.7 pct to 548.85 rupees, lowest since July 13, 2016

** Stock breaks below a support at 571.7 rupees, the 61.8 pct Fibonacci retracement level of the uptrend from Feb. 12, 2016 low to Aug. 1, 2017 high reut.rs/2NMC8xZ

** This suggests it may fall up to 493.6 rupees, the 76.4 pct retracement level

** Some support is also expected near 527.4 rupees, the 138.2 pct Fibonacci projection level of the downtrend from Aug. 1, 2017 high to Dec. 6, 2017 low

** Trend intensity (TI) indicator rises to 28, confirming the downtrend

** MACD is also negative and below its signal line

** Stock down 32.7 pct in past year as of Thursday, compared with 12.3 pct gain in broader NSE Index (Reporting by Gaurav Dogra)

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