January 9, 2019 / 5:11 AM / a month ago

BUZZ-India's Axis Bank hits near 4-mth high; chart suggests more upside

** Axis Bank Ltd’s shares gain as much as 2.59 pct to 667.75 rupees, their highest since Sept. 10, 2018

** Stock breaks above a resistance at 656.1 rupees, the 61.8 pct Fibonacci projection level of the uptrend from April 27, 2018 low to Sep. 10, 2018 high (wave i)

** Breakout suggests, in the near term, stock may test a resistance at 684.85 rupees, the 76.4 pct projection level

** Stock’s wave pattern suggest, it is in the third wave of a five-wave uptrend, third wave is typically the longest one

** MACD is positive and above its signal line

** Stock had seven analysts’ recommendation upgrades and two downgrades in the past 90-days, currently, 29 analysts rate it a buy or higher, 11 hold, while five rate it a sell or lower - Refinitiv data

** Stock up 7.8 pct in the past one-month compared with the broader NSE Index’s 1 pct gain

Reporting by Gaurav Dogra

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