Finance

Eicher Motors hits near 3-month low on weak December sales numbers

ETMarkets.com|

Jan 03, 2019, 12.12 PM IST

The stock broke ..

Published

January 3, 2019

ETMarkets.com|

Jan 03, 2019, 12.12 PM IST

The stock broke below support at Rs 20,681.46, the 161.8 per cent Fibonacci projection level of the downtrend from April 27, 2018 high to August 02, 2018 low (wave A).

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Shares of Eicher Motors slipped nearly 3 per cent in Thursdays trade to Rs 20,564.70. The shares had last hit this level on October 4, 2018.
The stock continued to drag after it had posted disappointing December sales data on Monday. Royal Enfield, the two-wheeler division of Eicher Motors had reported a 13 per cent decline in total sales to 58,278 units in December compared with 66,968 units in the same month last year.

At 11.28 am, the scrip was trading at Rs 20,712.30 on BSE, down 2.13 per cent.

The stock broke below support at Rs 20,681.46, the 161.8 per cent Fibonacci projection level of the downtrend from April 27, 2018 high to August 02, 2018 low (wave A). This suggests stock may test the next support at Rs 19,858.65, the 176.4 per cent projection level.
The stock has been down 9.58 per cent in the last one month as of Wednesday's close compared with the broader NSE index's 0.77 per cent fall in the same period.