May 15, 2018 / 8:52 AM / 5 days ago

BUZZ-India's Tata Motors hits more than 2-year low; downside seen - technicals

** Tata Motors shares fall as much as 4.2 pct to 309.90 rupees, their lowest since March 1, 2016

** Stock breaks below a support at 319.7 rupees, the 61.8 pct Fibonacci projection level of the downtrend from Sep 7, 2016 high to Aug 11, 2017 low reut.rs/2Kl5alR

** Breakdown suggests stock may now move towards the next support at 284.7 rupees, the 76.4 pct projection level

** For the past two years, stock’s movement is confined to a descending trend channel, movement within which may lead to further downside

** MACD is also negative and below its signal line

** Stock’s RSI line also casts a bearish outlook as it failed to cross the 60-mark in the past four months

** Stock down 25.1 pct this year as of Monday, while the NSE Index is up 2.62 pct in the same period (Reporting by Gaurav Dogra)

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