January 31, 2019 / 4:57 AM / 8 months ago

BUZZ-India's Bajaj Auto hits over 3-mth low; chart suggests more downside

** Bajaj Auto Ltd’s shares fall as much as 1.54 pct to 2461.1 rupees, their lowest since Oct. 26, 2018

** Stock breaks here below a support at 2,504.53 rupees, the 38.2 pct Fibonacci projection level of the downtrend from Feb. 2, 2018 high to Oct. 25, 2018 low

** This suggests stock may test the next support at 2,380.83 rupees, the 50 pct projection level

** Stock’s wave pattern suggests, it is in the final wave of a five wave downtrend

** Trend intensity (TI) indicator rises two points to 18, suggests downtrend is gaining momentum, MACD is negative and below its signal line

** Stock down 8.1 pct this year as of last close, compared with the broader NSE index’s 1.94 pct fall in the same period

Reporting by Gaurav Dogra

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below