New Delhi, Oct. 22 -- Hero Motors shares hit a 5% lower circuit on Thursday, 22 October, despite remaining around 42% above their IPO price of Rs.84. The stock opened at Rs.118.90 apiece on the BSE and touched an intraday high of Rs.119.30 before slipping to a low of Rs.116.60.

Gaurav Arora, Head of Research at SAHI, said Hero Motors has corrected sharply from its October highs and is now approaching a crucial support level of Rs.112.

According to Arora, the stock's price structure indicates a deeper retracement within the broader trend. However, a break below Rs.112 could trigger further downside. He added that the stock's ability to hold this support level will be crucial in determining whether it stabilises or extends its decline in ...