Shares of motorcycles and three-wheeler maker Bajaj Auto Ltd fall as much as 2.33 per cent and breaks below a support at Rs 2,751.95
Support at Rs 2,751.95 is identified as the 14.6 per cent Fibonacci projection level of the downtrend from Feb. 2 high to Oct. 25 low. The stock also breaks below its 200-day exponential moving average, seen unfavourable.
The stock's wave pattern suggests, it is in the initial wave of a five wave downtrend (wave C). MACD cuts below its signal line, a bearish sign.
The stock is down 15.75 per cent this year as of last close, while the broader NSE index is up 2.12 per cent in the same period.