January 14, 2019 / 6:27 AM / 8 days ago

BUZZ-India's TCS hits 7-week low; chart suggests more downside

** Shares of India’s top software services exporter Tata Consultancy Services Ltd fall as much as 1.77 pct to 1,810 rupees, their lowest since Nov 26, 2018

** Stock breaks below its 200-day exponential moving average(EMA), a bearish sign tmsnrt.rs/2ROfdan

** Stock also breaks below a support at 1,841.96 rupees, the 38.2 pct Fibonacci projection level on the downtrend from Oct 1, 2018 high to Nov 26, 2018 low (wave (W))

** This suggests stock may fall up to the next support at 1,783.97 rupees, the 50 pct projection level

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

** Trend intensity (TI) indicator rises to 15, suggests the beginning of a new downtrend, MACD is negative and below its signal line

** Stock down 2.67 pct this year, as of last close, compared with the broader NSE Index’s 0.62 pct drop

Reporting by Gaurav Dogra

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