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 20, 2017.The wave pattern of Maruti Suzuki shares suggested that the scrip has completed a five-wave uptrend that started on February 29, 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 trending downwards.
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.