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Shares of Tata Motors Ltd fall as much as 3.5 per cent to ₹150.35, lowest since February 11. The stock breaks below a support at ₹155.04, the 76.4 per cent Fibonacci retracement level of the uptrend from Feb 8 low to April 22 high.
Breakdown suggests that in a couple of days the stock may test the next resistance at ₹144, the 86.4 per cent retracement level. The stock price cut below its parabolic SAR on Monday after facing a strong resistance at its 20-day exponential moving average, seen as a bearish sign.
MACD cuts below its signal line, seen as unfavourable. The stock was down 9.8 per cent this year as of last close, while the broader NSE Index gained 6.4 per cent in the same period.
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