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Shares of Indian Oil Corp hit near 3-month low, and technicals suggested the end of uptrend.
The stock fell as much as 3.93 per cent to Rs 378.05, its lowest since 31 March.
The stock price has cut below Rs 385.20, the 23.6 per cent retracement level of the uptrend from February 12, 2016 low to May 16, 2017 high, suggesting that a five-wave uptrend is complete and wave A of a corrective cycle has started.
Trend Intensity indicator (TI) has also gone up to 16, indicating the beginning of a downtrend.
The stock's 20-day exponential moving average (EMA) had cut below its 50-day EMA on Thursday, a bearish sign for the stock.
IOC stock may retrace entire wave 5 to Rs 366.20, its first support, before resuming the downtrend towards Rs 344.50, the 38.2 per cent retracement level of the entire uptrend.
The stock has gained 89.46 per cent in the past one year as of Thursdays close, compared with NSE Index 17.39 per cent gain.
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