July 18, 2018 / 6:20 AM / 4 months ago

BUZZ-India's Bajaj Finance hits record high; further upside seen - technicals

** Bajaj Finance Ltd, India’s largest consumer finance company by market-cap, rises as much as 2.02 pct to a record high of 2,519 rupees

** Stock breaks a resistance at 2,483.45 rupees, the 38.2 pct Fibonacci projection level of the uptrend from May 10 low to June 26 high (from 2 to iii) reut.rs/2Lpwf89

** Breakout suggests stock may rise up to 2,625.3 rupees, the 61.8 percent projection level with some resistance at 2,554.4 and 2,569.9 rupees

** Stock's wave pattern suggests it is in wave 3 of the final wave of a five-wave uptrend reut.rs/2L5XUim

** Trend intensity rises to 36, suggesting a strong uptrend for the stock, MACD is also positive and above its signal line

** Stock up 40.56 pct this year as of Tuesday’s close and is the second best performer among NSE Index companies; TCS , up 48.24 pct in the same period, is the top gainer

Reporting by Gaurav Dogra

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