Comments
Shares of truck and bus maker Eicher Motors Ltd fell as much as 2.5 per cent to Rs 25,211, lowest since March 31, 2017.
The stock broke below a support at Rs 26,344.25, the 38.2 per cent Fibonacci retracement level of the uptrend from January 19, 2016 low to September 8, 2017. This suggests that the company shares may fall up to the next support at Rs 24,140, the 50 per cent retracement level.
The stock's trend intensity indicator rose to 16 suggesting that the prices are trending downwards. MACD is also negative and below its signal line.
Eicher Motors’ stock had fallen 14.8 per cent this year as of last close, compared with the broader NSE Index's 4.2 per cent gain.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.