May 14, 2019 / 4:55 AM / 7 months ago

BUZZ-India's Bajaj Auto breaks support at 2,947 rupees- Technicals

** Shares of Bajaj Auto Ltd fall as much as 1.99% and breaks the support of 2,947.17 rupees

** Support of 2,947.17 rupees is identified as the 23.6% Fibonacci retracement level of the uptrend from October 25, 2018 low to April 25, 2019 high tmsnrt.rs/2VWx0yg

** Stock also breaks below its 50-day exponential moving average — a bearish sign

** Breakdown suggests, in the near term, stock may test the next support at 2,846.42 rupees, the 38.2% retracement level

** Wave pattern suggests stock is in the fourth wave, a corrective wave, of a five-wave uptrend

** MACD is below its signal line; seen as unfavorable

** Stock is up 9.3% this year as of last close, outperforms broader NSE Index’s 2.6% gains in the same period

Reporting by Gaurav Dogra; editing by Uttaresh.V

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