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Shares of Tata Motors hit 2-1/2-year low, and the technical chart indicated more downside. The automaker shares fell as much as 2.85 per cent to Rs 281.15, their lowest since February 12, 2016.
The stock has broken below a support at Rs 284.67, the 76.4 per cent Fibonacci projection level of the downtrend from September 7, 2016 high to August 11, 2017. As long as Rs 284.67 is the resistance, the stock is expected to move towards the next support at Rs 260.68, the 86.4 per cent projection level.
For more than two years, the stock's movement is confined to a descending trend channel, movement within which may lead to further downside. Trend Intensity (TI) indicator rose to 15, suggesting a new downtrend has started for the stock. MACD is also negative and below its signal line.
The stock had shed 34.7 per cent in the last one year as of Monday's close, while the broader NSE Index rose 12.4 per cent in the same period.
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