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The shares of Grasim Industries fell as much as 6.97 percent on Monday to ₹814, its lowest since May 16.
The stock has broken below the support at ₹860.31, the 14.6 percent Fibonacci projection level of the downtrend from Nov. 2, 2017 high to Feb. 15, 2019 low. The wave pattern suggests that a five-wave downtrend (wave C) has started for the stock.
In the near term, stock may fall to a support at ₹716.14, the 38.2 percent projection level, though, some support is also expected at ₹805.33, the 23.6 percent projection level.
Trend intensity (TI) indicator rises two points to 15, which suggests that a new downtrend has started for the stock. The MACD is also negative and below its signal line.
The stock is down 81.3 percent in the past 3 years to Friday's close, while the broader NSE index has gained 36.2 percent in the same period.
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