January 24, 2019 / 5:02 AM / 4 months ago

BUZZ-India's Mahindra and Mahindra hits 13-1/2-month low; chart suggests more downside

** Shares of Mahindra and Mahindra Ltd fall as much as 1.41 pct to 686.05 rupees, lowest since Dec 7, 2017

** Stock breaks below a support at 701.88 rupees, the 76.4 pct Fibonacci retracement level on the uptrend from Sept 27, 2017 low to Aug 29, 2018 high(wave (3)) tmsnrt.rs/2TbOrWL

** This suggests that stock may fall up to the next support at 663.77 rupees, the 86.4 pct retracement level

** Stock is in the final wave of a three wave correction

** Trend intensity (TI) indicator at 18 suggests prices are trending downwards, MACD is negative and below its signal line

** Stock down 10.92 pct in the past one month, as of Wednesday’s close, while the broader NSE index is up 0.72 pct

Reporting by Gaurav Dogra

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