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Shares of the country’s largest airline by market cap InterGlobe Aviation Ltd broke the support at Rs 810, and according to technicals, the stock may test Rs 698. The stock fell as much as 4.3 per cent and broke a support at Rs 810.
Support at Rs 810 is identified as the 86.4 per cent Fibonacci retracement level of the uptrend from February 11, 2016 low to April 20, 2018 high. This suggests that the stock may test the next support at Rs 698.35, the 100 per cent retracement level of the uptrend.
Trend Intensity indicator jumped 2 points to 30, suggests that the prices are trending downwards. MACD is negative and below its signal line. The stock had fallen 33.09 per cent this year as of last close, while the broader NSE index was up 4.54 per cent in the same period.
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