Comments
Shares of Tata Motors Ltd fell as much as 3.08 per cent to Rs 157.4, lowest since October 10, 2011. The stock has broken below a support at Rs 160.1, the 76.4 per cent Fibonacci retracement level of the uptrend from November 21, 2011 low to September 7, 2016 high.
This suggests that the stock may fall up to the next support at Rs 136.45, the 138.2 per cent Fibonacci projection level of the downtrend from September 7, 2016 high to August 11, 2017 low (wave (A)).
The stock's wave pattern suggests that it is in the final sub-wave c of the downtrend. Therefore, a trend reversal is possible once the index finds a support. MACD is negative and below its signal line. Tata Motors stock had fallen 58.5 per cent in the last three years, as of Friday's close, while, the broader NSE index was up 34.6 per cent in the same period.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.