Shares of Bosch Ltd, the India unit of German multinational Robert Bosch Gmbh, fell as much as 2.75 per cent to Rs 22,001, their lowest since March 10 as the company has reported a 20 per cent fall in June-quarter profit.
Technical indicators point to further downside for the stock. The stock's 20-day exponential moving average (EMA) cuts below its 50-day EMA.
Trend intensity indicator (TI) has also gone up by 2 points from Friday's level to 17, indicating downtrend has started for the stock.
The stock cuts below a support at Rs 22,349, a 38.2 per cent Fibonacci retracement level of the uptrend from the November 22, 2016 low to the June 19, 2017 high.
Fall may extend up to next support at Rs 21,456 or Rs 20,563, the 50 per cent and 61.8 per cent retracement levels, respectively.
The stock has gained 7.5 per cent in 2017 as of Friday's close, underperforming the NSE index's 18.6 per cent increase.