October 5, 2018 / 4:52 AM / 2 months ago

BUZZ-India's Bajaj Auto hits 21-mth low; chart suggests more downside

** Shares of Bajaj Auto Ltd fall as much as 3.74 pct to 2,557.7 rupees, lowest since Jan. 2, 2017

** Stock breaks below a support at 2,610.6, the 76.4 pct Fibonacci projection level of the downtrend from Feb. 2 high to May 21 low (Wave W) tmsnrt.rs/2OCuM3k

** On a 100 pct projection of wave W, stock may fall up to 2,430.05 rupees

** Support is also expected at 2534.1 rupees, the 86.4 pct projection level, and at 2,506.85 rupees, the 61.8 pct Fibonacci retracement level of the uptrend from the April 30, 2015 low to the Feb. 2, 2018 high

** MACD is negative and below its signal line

** Stock down 20.3 pct this year as of last close, while the broader NSE index is up 0.65 pct in the same period (Reporting by Gaurav Dogra; Editing by Sunil Nair)

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