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Shares of Hindalco Industries Ltd fell as much as 3.75 per cent to Rs 187.30, their lowest since February 19.
The stock has cut below a support at Rs 189.47, the 38.2 per cent Fibonacci projection level of the downtrend from the October 4, 2018 high to the February 15, 2019 low.
A close below this 38.2 per cent level may lead to a further fall up to the next support at Rs 180.32, the 50 per cent level.
The stock trades below its 20, 50 and 200-day exponential moving averages, seen bearish for the stock.
The Trend Intensity (TI) indicator has risen to 16, suggesting a new downtrend has started for the stock; MACD is negative and below its signal line.
The stock is down about 14 per cent this year as of last close, while the broader NSE Index has gained 3.6 per cent in the same period.
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