Markets

Bajaj Auto hits over 3-month low; chart suggests more downside

Reuters | Updated on January 31, 2019 Published on January 31, 2019

Bajaj Auto Ltd's shares fell as much as 1.54 per cent to ₹ 2,461.10, their lowest since October 26, 2018.

The stock has broken below the key support level at ₹ 2,504.53, the 38.2 per cent Fibonacci projection level of the downtrend from February 2, 2018 high to October 25, 2018 low.

This suggests the Bajaj Auto stock may test the next support at ₹ 2,380.83, the 50 per cent projection level for the downside.

The stock's wave pattern suggests that it is in the final wave of a five wave downtrend.

Trend intensity (TI) indicator rises two points to 18, suggests downtrend is gaining momentum, MACD is negative and below its signal line

The stock down 8.1 per cent this year as of last close, compared with the broader NSE index's 1.94 per cent fall in the same period

Published on January 31, 2019
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