Stock Market

Bajaj Auto falls over 1% to hit over 3 month low

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NEW DELHI: Shares of Bajaj Auto fell as much as 1.54 per cent to Rs 2461.10 in Thursday's morning trading session.

The shares had last hit this level on October 26, 2018. The stock broke below its support at Rs 2,504.53, the 38.20 per cent Fibonacci projection level of the downtrend from February 2, 2018 high to October 25, 2018 low.

This suggests, stock may test the next support at Rs 2,380.83, the 50 per cent projection level. Stock's wave pattern suggests, it is in the final wave of a five wave downtrend.

Trend intensity (TI) indicator rose two points to 18, suggesting downtrend is gaining momentum, MACD is negative and below its signal line. The stock has been down 8.10 per cent this year as of last close, compared with the broader NSE index's 1.94 per cent fall in the same period. At 10.49 am, the scrip was trading at Rs 2510.55 on BSE, up 0.47 per cent.




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Category: Stock Market


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