December 24, 2018 / 5:48 AM / 2 months ago

BUZZ-Technicals suggest more downside for India's Bajaj Auto

** Shares of motorcycles and three-wheeler maker Bajaj Auto Ltd fall as much as 2.33 pct and breaks below a support at 2,751.95 rupees

** Support at 2,751.95 rupees is identified as the 14.6 pct Fibonacci projection level of the downtrend from Feb. 2 high to Oct. 25 low

** Stock also breaks below its 200-day exponential moving average, seen unfavorable

** Stock’s wave pattern suggests, it is in the initial wave of a five wave downtrend(wave C)

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

** Stock is down 15.75 pct this year as of last close, while the broader NSE index is up 2.12 pct in the same period

Reporting by Gaurav Dogra

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