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Shares of telecom operator Vodafone Idea Ltd fell as much as 2.71 per cent to Rs 46.6, their lowest since March 23, 2009.
The stock broke below a support at Rs 49.8, the 50 per cent Fibonacci projection level of the downtrend from April 17, 2015, high to November 9, 2016 low (wave (1)).
This suggests the stock may fall up to a support at Rs 33.45, the 61.8 per cent projection level. The stock’s wave pattern suggests it is in the third wave of a five wave downtrend that started in April 2015.
Trend Intensity indicator has risen to 17, suggesting prices are trending downwards, MACD is also negative and below its signal line.
The stock is down about 67 per cent in the last three years as of Thursday's close, while the broader NSE Index had gained 44.4 per cent in the same period.
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