Bajaj Auto hits 21-month low

Reuters Oct 5 | Updated on October 05, 2018 Published on October 05, 2018

Shares of Bajaj Auto today hit a 21-month low, and chart suggests more downside. The stock fell as much as 3.74 per cent to Rs 2,557.7, lowest since January 2, 2017.

Bajaj Auto stock broke below a support at Rs 2,610.6, the 76.4 per cent Fibonacci projection level of the downtrend from February 2 high to May 21 low (Wave W). On a 100 per cent projection of wave W, the stock may fall up to Rs 2,430.05.

Support is also expected at Rs 2,534.1, the 86.4 per cent projection level, and at Rs 2,506.85, the 61.8 per cent Fibonacci retracement level of the uptrend from the April 30, 2015 low to the February 2, 2018 high.

MACD is negative and below its signal line. The stock had fallen 20.3 per cent this year as of last close, while the broader NSE index gained 0.65 per cent in the same period.

Published on October 05, 2018
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