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Shares of UltraTech Cement Ltd has fallen as much as 2.55 per cent to ₹4,052, its lowest since April 4. The stock breaks below a support at ₹4,118.7, the 50 per cent Fibonacci retracement level on the uptrend from Jan 28 low to May 27 high.
The breakdown suggests that in the near term the index may fall to the next support at ₹3,933.14, the 61.8 per cent retracement level.
Last week, the stock broke below its 200-day exponential moving average, seen as a bearish sign. The Trend intensity (TI) indicator rises to 20, suggesting a downtrend for the stock.
MACD is negative and below its signal line. The stock was down 8.1 per cent in the last month through Monday's close, compared with the broader NSE Index's 3.2 per cent fall in the same period.
At 11.25 am, the stocks of UltraTech Cement were trading 2.39 per cent lower at ₹4,061.15
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