Stocks

M&M hits 13-month low; chart suggests more downside

Reuters Mumbai | Updated on January 24, 2019 Published on January 24, 2019

Mahindra Marazzo was launched in September this year. File Photo   -  BusinessLine

Shares of Mahindra and Mahindra Ltd fell as much as 1.41 per cent to Rs 686.05, its lowest since December 7, 2017.

The stock broke below a support at Rs 701.88, the 76.4 per cent Fibonacci retracement level on the uptrend from September 27, 2017 low to Aug 29, 2018 high (wave (3)).

This suggests that the stock may fall up to the next support at Rs 663.77, the 86.4 per cent retracement level. The stock is in the final wave of a three-wave correction.

The trend intensity (TI) indicator at 18 suggests prices are trending downwards, MACD is negative and below its signal line.

The stock was down 10.92 per cent in the past one month, as of Wednesday's close, while the broader NSE index was up 0.72 per cent.

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Published on January 24, 2019
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