December 6, 2018 / 6:14 AM / 6 months ago

BUZZ-India's Maruti Suzuki breaks support, chart suggests more downside

** Maruti Suzuki India Ltd, the country’s largest carmaker, falls as much as 4.48 pct and breaks a support at 7,299.4 rupees

** Support is identified as the 14.6 pct Fibonacci projection level of the downtrend from the July 24 high to the Oct. 31 low(wave A)

** Stock’s wave pattern suggests a five-wave downtrend (wave C) has started for the stock (continuation of the downtrend from the July 24 high to the Oct. 31 low)

** In the near term, some support is expected at 6,990.8 rupees and 6,561.1 rupees, the 23.6 pct projection level and the 50 percent Fibonacci retracement level respectively of the uptrend from the Feb. 29, 2016 low to the July 24 high

** RSI breaks below the 50 level, seen as unfavorable

** Stock trades below its 20-, 50- and 200-day exponential moving average, a bearish sign

** Stock down 22.36 pct this year as of last close, while the broader NSE index is up 2.39 pct in the same period

Reporting by Gaurav Dogra; Editing by Sunil Nair

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