March 26, 2018 / 7:24 AM / 4 months ago

BUZZ-India's Wipro hits over 8-month low, technicals suggest further downside

** Wipro Ltd falls as much as 4.32 pct to 272.35 rupees, its lowest since July 20, 2017

** Stock breaks below a support at 284.4 rupees, the 38.2 pct Fibonacci retracement on uptrend from Nov. 9, 2016 low of 204.05 rupees to Jan. 16, 2018 high of 334 rupees. reut.rs/2GuMWjk

** Stock also breaks below the 200-day exponential moving average (EMA) which was providing support to the stock in the past month

** Bollinger band, which had been squeezing since the beginning of this month, has started to expand, suggesting more volatile moves in the coming days

** RSI faces resistance in the 50-60 zone, seen bearish for the stock; MACD is also negative and below its signal line

** Fibonacci retracement support levels are at 269 rupees and 253.7 rupees, while resistance levels at 284.4 rupees and 303.3 rupees (Reporting by Gaurav Dogra)

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