March 6, 2019 / 7:23 AM / 4 months ago

BUZZ-India's Bajaj Finance hits over 6-mth high; chart suggests further upside

** Shares of non-banking financial company Bajaj Finance Ltd gain as much as 2.59 pct to 2,765 rupees, their highest since Sep. 4, 2018

** Stock breaks above a resistance at 2,738.7 rupees, the 76.4 pct Fibonacci retracement level of the downtrend from Aug. 29, 2018 high to Oct. 8, 2018 low tmsnrt.rs/2C6qqtH

** A close above this 76.4 pct level may lead to further rise up to the next resistance at 2,846.85 rupees, the 86.4 pct retracement level

** Stock’s wave pattern suggests, it is in the final wave of a five-wave uptrend

** Price movement is confined to an ascending trend channel; prices are expected to rise unless the lower trendline of the channel is broken

** MACD is positive and above its signal line

** Stock up 64.6 pct in the last one year as of Tuesday’s close, outperforming the broader NSE Index’s 6.1 pct gains in the same period

Reporting by Gaurav Dogra

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