Shares of Grasim Industries Ltd fell as much as 4.7 per cent to Rs 877.65, their lowest since May 25, 2017. The stock broke below the support at Rs 900.15, the 50 per cent Fibonacci projection level of the downtrend from November 2, 2017, high to July 16, 2018, low.
This suggests that the stock may fall up to the next support at Rs 854.6, the 61.8 per cent projection level. Trend Intensity indicator jumped to 20, suggesting that the prices are trending downwards. MACD is negative and below its signal line.
The Grasim stock had fallen 21 per cent this year as of the last close, compared with the broader NSE index's 1.73 per cent fall in the same period.