Shares of Hero MotoCorp Ltd fall as much as 2.66 per cent to ₹2,725, lowest since Feb. 4
The stock has broken below a support at ₹2,766.70, the 23.6 per cent Fibonacci projection level of the downtrend from December 20, 2018 high to January 31, 2019 low (wave a)
This suggests, in the near term stock may fall up to the next support at ₹2,647.15, the 38.2 per cent projection level
The stock's price crossed below its Parabolic SAR (stop and reverse) point; and a cross below the SAR point is seen as a signal to close long positions and enter into short position.
The RSI line failed to cross above the 60 points mark during the rally last week, which is seen as a bearish signal
The stock was down 9.82 per cent this year as of last close, compared with the broader NSE index's 0.29 pct fall in the same period