* On an hourly chart, we can see a bearish trend in the counter as 20-50-100 hourly exponential moving averages are in a declining order and the stock is trading below these averages.
* On a daily chart, the stock has faced a strong resistance at the confluence of its 20 & 50 days exponential moving averages which indicate a weakness in the counter.
* On a weekly chart, the stock had changed the trend after forming a Shooting Star candlestick which is a bearish reversal signal and may cause for a further southward move.
* A daily momentum indicator RSI reading is at 40.92 level, showing a negative crossover after facing a resistance of its mid-line which points out for a negative breath in the stock.
* Based on the above technical parameters, we are expecting a downside move in the stock in few trading sessions.
Buy Grasim Industries Ltd @ 1141.25-1148 Stoploss 1190 Target 1040
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