INSUBCONTINENT EXCLUSIVE:
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.
