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Shares of PowerGrid hit 10-1/2-month low, and the charts suggested further downside. The stock fell as much as 1.78 per cent to Rs 190.7, its lowest since March 10, 2017.
The stock broke below a support at Rs 193.55, the 23.6 per cent Fibonacci retracement of the uptrend from August 2, 2013 low of 86.55 to August 8, 2017 high of 226.6.
A death cross occurred on the chart this month when the stock's 50-day exponential moving average (EMA) cut below its 200-day EMA, seen as a bearish signal for the stock.
A close below Rs 193.55 may lead to a move towards Rs 1730.1, the 38.2 per cent retracement level.
The stock's trend intensity (TI) indicator has gone up to 20, suggesting the stock is in downtrend. MACD is also negative and below its signal line. PowerGrid stock was down 3.1 per cent this year as of Monday's close, underperforming the NSE Index's 5.69 per cent gain.
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