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Shares of agrochemical maker UPL Ltd fell as much as 2.14 per cent to Rs 632.2, their lowest since December 29, 2016, and technicals suggested further downside.
The stock has broken below a support at Rs 640.2, the 86.4 per cent Fibonacci projection level of the downtrend from August 1, 2017 high to December 6, 2017 low. This suggested that the stock may now move towards the next support at Rs 610.6, the 100 per cent projection level.
Trend Intensity (TI) indicator rose to 17, suggesting that the stock is in early stages of a new downtrend. RSI line has faced resistance near 50 level for the last two months, which is seen bearish for the stock.
MACD is also negative and below its signal line. The stock was down 15.3 per cent this year as of Thursday's close, while the broader NSE index was up 2 per cent in the same period.
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