December 19, 2018 / 4:18 AM / 7 months ago

BUZZ-India's Asian Paints hits over 3-1/2 month high; chart suggests more upside

** Shares of Asian Paints Ltd gain as much as 2.3 pct to 1386.9 rupees, their highest since Sept. 3

** Stock breaks above a resistance at 1,362.74 rupees, the 38.2 pct Fibonacci projection level of the uptrend from Dec. 22, 2016 low to July 25, 2018 high

** Breakout suggests that in the near term, stock may rise up to the next resistance at 1,438.55 rupees, the 50 pct projection level

** Trend intensity(TI) indicator rises to 16, suggests, a new uptrend has started for the stock

** MACD is positive and above its signal line

** Stock is up 17.02 pct this year, compared with the broader NSE Index’s 3.59 pct gain in the same period

Reporting by Gaurav Dogra

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