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Shares of chemicals and industrial materials maker Grasim Industries hit 10-1/2-month low, and technicals suggested further downside. The stock fell as much as 2.4 per cent to Rs 1,011, its lowest since July 3, 2017.
The stock's 50-day exponential moving average (EMA) had cut below its 200-day EMA on Monday, forming a 'death cross' which is seen as a bearish signal. The stock also broke below a support at Rs 1,047.8, the 38.2 per cent Fibonacci retracement level of the uptrend from November 21, 2016 low to November 2, 2017 high.
This suggested that the stock may fall up to Rs 969.9, the 50 per cent retracement level. The stock's MACD is negative and below its signal line.
The company will report FY 2017-18 results on Wednesday; its full-year consolidated net profit is estimated to rise 7.6 per cent to Rs 3,408 crore ($501.0 million), according to Thomson Reuters Eikon.
The stock is down 11.14 per cent so far this year as of Monday's close, compared with a fall of 0.13 per cent of the NSE Index.
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