PI Industries continues its decline below key MA 20 & 50

, Pi industries Ltd. closed at ₹2,130 and remains in a pronounced long-term decline. The chart has formed a persistent sequence of lower highs and lower lows since the 2024 peak, with the latest candles slipping towards the ₹2,100 zone. There is no visible base formation yet: each short-lived bounce has failed below prior swing highs, which keeps the prevailing direction firmly downward. The moving averages underline the problem. Price is below the 20-day average near ₹2,269 and well below the 55-day average around ₹2,459. Both are sloping down and act as resistance on any recovery. MACD remains below its signal line and below zero, with a negative histogram, confirming that downside momentum has not been repaired. The stock may be oversold on shorter time frames, but that alone does not create a reversal signal. ₹2,100 is the immediate support to watch. A sustained break can bring ₹2,000 into focus. For the technical picture to improve, PI Industries needs to reclaim ₹2,269 first; ₹2,459 is the more significant trend hurdle. Agrochemical demand, export-market conditions and product pipeline execution remain key business factors.