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Shares of Maruti Suzuki India Ltd, the country's largest carmaker, fell as much as 4.48 per cent. The stock has broken a support at Rs 7,299.4. Support is identified as the 14.6 per cent Fibonacci projection level of the downtrend from the July 24 high to the October 31 low (wave A).
The stock's wave pattern suggests a five-wave downtrend (wave C) has started for the stock (continuation of the downtrend from the July 24 high to the October 31 low).
In the near term, some support is expected at Rs 6,990.8 and Rs 6,561.1, the 23.6 per cent projection level and the 50 per cent Fibonacci retracement level, respectively of the uptrend from the February 29, 2016 low to the July 24 high.
RSI has broken below the 50 level, which is seen as unfavourable. Maruti Suzuki stock was trading below its 20-, 50- and 200-day exponential moving average, a bearish sign. The stock had fallen 22.36 per cent this year as of last close, while the broader NSE index was up 2.39 per cent in the same period.
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