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4 months ago
BUZZ-India's NSE index hits near 2-wk low; change in uptrend seen -technicals
April 12, 2017 / 6:35 AM / 4 months ago

BUZZ-India's NSE index hits near 2-wk low; change in uptrend seen -technicals

** India's broader NSE index falls as much as 0.8 pct to 9,161.80, its lowest since March 31; market waiting for direction from 4th qtr corporate results

** Index trading at 1-year forward PE of 18.6; some technical indicators signal changes to current uptrend (tmsnrt.rs/2o3zcPz)

** Index cuts below trend line at 9,192 points of a three and a half month long ascending channel

** Wave pattern signals index might form a 5th wave ending diagonal; such patterns form before a change in trend

** Index faces resistance around 9,245, the 161.8 pct Fibonacci projection of wave (1)

** MACD shows bearish divergence from the index

** Index is up 12.84 pct this year as of Tuesday's close, highest among Asia-Pacific equity indices

RM: gaurav.dogra.thomsonreuters.com@reuters.net

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