Grasim - Upper Channel Resistance

Grasim has turned out to be a good stock to study in the near future.

• Volumes has started to reduce for every increase, showing indications of the end of the rally for the current period. The stock entered into the channel in June and the rally in the range of less than Rs. 100 throughout the period inside the channel. After being close to the upper resistance channel, the stock seems to have backed, indicating weakness.
• MACD column charts has started to diverge with the lines, again an indication of weakness
• RSI, seems to be only saving grace, but it has remained neutral.

Hence the stock to enter into a correction phase.