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Shares of Hero MotoCorp Ltd fall as much as 5.62 per cent to ₹2,371, their lowest since September 30, 2015. The stock breaks below a support at ₹2,487.64, the 61.8 per cent Fibonacci projection level of the downtrend from September 1, 2017 high to October 25, 2018 low.
At 11.15 am, the stocks of Hero MotoCorp was trading 4.84 per cent lower at ₹2,392.05.
Breakdown suggests that in the near term stock may test the next support at ₹2,276.82, the 76.4 per cent projection level. Trend intensity(TI) indicator rises two points to 16, which suggests that a new downtrend has started for the stock.
MACD is negative and below its signal line, seen unfavourable for the stock. The stock is down 19.1 per cent this year as of last close, while the broader NSE Index is up 8.7 per cent in the same period.
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