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Shares of Eicher Motors Ltd fell as much as 4.24 per cent to Rs 20,265, its lowest since October 4, 2018
At about 2.15 pm, the stock was quoting at Rs 20,378.65, down by 3.7 per cent or Rs 783.65.
The stock broke below a support at Rs 20,681.46, the 161.8 pct Fibonacci projection level of the downtrend from April 27, 2018, high to August 2, 2018 low (wave A).
This suggests the stock may test the next support at Rs 19,858.65, the 176.4 per cent projection level. The stock's wave pattern suggests, it is in wave iii of a five wave downtrend. MACD is negative and below its signal line
The stock is down 9.58 per cent in the last one month as of Wednesday's close compared with the broader NSE index's 0.77 per cent fall in the same period.
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