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Shares of PC Jeweller today hit a record low, and technicals suggest that the stock may test Rs 49.60. The shares plunged as much as 7.8 per cent to a record low of Rs 65.30.
The stock has broken below a support at Rs 71.6, the 61.8 per cent Fibonacci projection level of the downtrend from May 8 high to June 5 low. The stock may fall to the next support at Rs 49.6, the 76.4 per cent level; the 61.8 per cent level will be a resistance now.
The stock's wave pattern suggests it is in the last sub-wave 5 of the final wave (5) of a five-wave downtrend. Trend intensity has climbed to 37, suggesting a strong downtrend for the stock; MACD is also negative and below its signal line.
PC Jeweller stock had fallen 84.5 per cent this year as of last close, while the broader NSE index was up 4.05 pct in the same period.
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