INSUBCONTINENT EXCLUSIVE:
Shares of Maruti Suzuki India, the country's largest automaker, declined as much as 1.42 pct to Rs 8,280, its lowest since May 21.
The
scrip broke below a support at 8,390.85, the 23.6 per cent Fibonacci retracement level of the uptrend from February 29, 2016 low to December
2016; it is now in the initial wave of a three-wave correction.
Shares of the company are already hovering below their 200-day exponential
moving average, indicating a bearish momentum for the stock.
Breakdown of the 23.6 per cent retracement level suggests the stock may now
fall up to the next support at Rs 7,397.6, the 38.2 per cent level.
Trend Intensity (TI) indicator rose to 23, suggesting prices are
Momentum indicator MACD is also negative and below its signal line.
Stock declined 8.23 per cent in the past month as of Tuesday's close,
compared with the broader NSE Index's 1.67 per cent fall in the same period.
