Maruti Suzuki hit an over two-month low in Tuesday morning trade, with the chart suggesting more downside. Shares of Maruti Suzuki India Ltd fell as much as 1.78 per cent to Rs 7,080.1, their lowest since November 13.
The stock broke below a support at Rs 7,140.54, the 23.6 per cent Fibonacci projection level of the downtrend from the July 24, 2018 high to the October 31, 2018 low (wave A).
This suggests the stock may fall up to the next support at Rs 6,639.93, the 38.2 per cent projection level. The stock's wave pattern suggests it is in the third wave of a five-wave downtrend.
The stock trades below its 20, 50 and 200-day exponential moving averages, a bearish sign
MACD is negative and below its signal line. The stock is down 22.7 per cent in the last one year as of Monday's close, while the broader NSE index is up 0.62 per cent in the same period.
The stock closed at Rs 7,068.25, down Rs 132.70 (-1.84%) on the BSE on Tuesday.