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Shares of Bajaj Auto Ltd fell as much as 2.6 per cent to ₹2801.2, their lowest since February 21.
The stock broke below a support at ₹2,820.45, the 38.2 per cent Fibonacci retracement level of the downtrend from February 2, 2018 high to October 25, 2018 low. The stock's 20-day exponential moving average (EMA) had cut below its 50-day EMA last week seen as a bearish sign.
At 12.25 pm, the stock of Bajaj Auto was trading lower by 1.87 per cent at ₹2,819.50.
In the near term, stock has support at ₹2,749.5. Wave pattern suggested that the stock is in wave C of a three-wave downtrend; current wave has the potential to travel up to ₹2,101.6, the 100 per cent projection of wave A.
MACD is negative and below its signal line and is seen as unfavourable. The stock is up 5.7 per cent this year as of last close, compared with the broader NSE Index's 7.9 per cent gains in the same period.
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