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Shares of two- and three-wheeler maker Bajaj Auto on Tuesday fell as much as 1.11 percent and fellbelow a support at ₹2,502.09.
This level is identified as the 61.8 percent Fibonacci projection of the downtrend from February 2, 2018 high to October 25, 2019 low(wave A). The breakdown suggests that in the near term stock may test the next support at ₹2,349.03, the 76.4 percent projection level.
The wave pattern suggests that the stock is in wave C of a three-wave downtrend and may fall up to ₹2,101.63 in a couple of months. Trend intensity(TI) indicator rises to 30, which suggests prices are trending downwards; the MACD is negative and is below its signal line.
The stock is down 8.6 percent this year as of last close, while the broader NSE Index is up about 3 percent in the same period.
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