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Shares of India's top software services exporter Tata Consultancy Services Ltd fell as much as 1.77 per cent to ₹1,810, their lowest since Nov 26, 2018
The stock breaks below its 200-day exponential moving average (EMA), suggests a bearish sign. It also breaks below a support at ₹1,841.96, the 38.2 per cent fibonacci projection level on the downtrend from Oct 1, 2018 high to Nov 26, 2018 low.
This suggests stock may fall up to the next support at ₹1,783.97, the 50 per cent projection level. The stock's wave pattern suggests it is in the initial wave A of a three-wave correction. Trend intensity (TI) indicator rises to 15, suggests the beginning of a new downtrend, MACD is negative and below its signal line.
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