Private-sector lender HDFC Bank's shares fell as much as 2.7 per cent to Rs 2,032, lowest since November 26.
The stock has broken below a support at Rs 2,064.95, the 14.6 per cent Fibonacci retracement level of the uptrend from November 25, 2016 low to July 18, 2018 high (wave(3)). The stock's wave pattern suggests it is in the final wave C of the correction that started from July 18.
In the near term, the stock has support at its 50-day exponential moving average and at 2,014.05 rupees, the 38.2 per cent Fibonacci projection level of wave A. However, the current wave has the potential of falling up to Rs 1,807.
MACD has cut below its signal line, a bearish sign. HDFC Bank stock had gone up 11.6 per cent this year as of last close, while the broader NSE Index was down 0.4 pct in the same period.