April 24, 2019 / 4:44 AM / in 2 months

BUZZ-Maruti Suzuki India hits 3-wk low; chart suggests more downside

** Shares of India’s top-selling car maker Maruti Suzuki India Ltd fall as much as 1.76 pct to 6,925 rupees, lowest since April 3

** Stock breaks below a support at 7,012.1 rupees, the 14.6 pct Fibonacci projection level of the downtrend from July 24, 2018 high to Jan 28, 2019 low tmsnrt.rs/2DtI3Ve

** This suggests that in the near term, the stock may test the next support at 6,687.1 rupees, the 23.6 pct retracement level

** Stock also breaks below its 50-day exponential moving average(EMA), it earlier faced strong resistance at its 200-day EMA

** Stock on Tuesday had cut below its parabolic SAR, seen as an indication of reversal in the uptrend

** MACD cuts below its signal line, a bearish sign

** Stock down 5.6 pct this year as of last close, while the broader NSE Index is up 6.6 pct in the same period

Reporting by Gaurav Dogra

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