Shares of UltraTech Cement, countrys biggest cement producer, slipped as much as 1.49 per cent to Rs 3,563, their lowest level since January 24, 2017.Technical indicators suggested further downside in the stock in upcoming trading sessions.
The scrip breaks below a support at Rs 3,642, the 61.8 per cent Fibonacci retracement level of the uptrend from December 27, 2016 low to Jan 17, 2018, according to Reuters.This showed that the stock may now fall towards the next support at Rs 3,416, the 76.4 per cent retracement level.Trend intensity (TI) indicator climbed to 21, suggesting prices are trending downwards.
RSI line faced resistance near 50 level this month, seen bearish for the stock.MACD is also negative and below its signal line, according to Reuters.As of Thursday's close, stock is down about 10 per cent in the last one year while the broader NSE Index is up 11.5 per cent in the same period.Shares of the company were trading 1.15 per cent down at Rs 3575.30 at around 11.27 am (IST), whereas NSE Nifty index was down 15 points at 10,726 at around the same time.