January 3, 2019 / 5:11 AM / in 4 months

BUZZ-India's Mahindra and Mahindra hits over 3-wk low, may fall further - Technicals

** Shares of Mahindra and Mahindra Ltd fall as much as 1.74 pct to 728.8 rupees, lowest since Dec. 12

** Stock break's below a support at 743.3 rupees, the 23.6 pct Fibonacci projection level of the downtrend from the Sep. 21 high to the Dec. 11 low (wave iii) tmsnrt.rs/2SBnADm

** This suggests stock may test the next support at 702 rupees, the 38.2 pct projection level

** Stock’s wave pattern suggests it is still in the initial wave A of a three-wave downturn

** MACD cuts below the signal line, a bearish signal

** Stock down 6.22 pct in the last one month as of Wednesday’s close compared with the broader NSE index’s 0.77 pct fall in the same period

Reporting by Gaurav Dogra; Editing by Sunil Nair

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