May 17, 2019 / 4:35 AM / 4 months ago

BUZZ-India's Bajaj Finance touches record high; chart suggests more upside

** Shares of Bajaj Finance Ltd gain as much as 4.4% to a record high of 3,248 rupees

** Stock breaks above a resistance at 3,193.33 rupees, the 86.4% Fibonacci projection level of the uptrend from Feb. 6, 2018 low to Aug. 29, 2018 high tmsnrt.rs/2EcRxo2

** Breakout is supported by volume as the 5-day average volume is 78% higher than the 30-day average volume

** Breakout suggests, in a couple of days stock may test the next resistance at 3,394.99 rupees, the 100% projection level

** MACD cuts above its signal line, seen favorable

** Stock up ~62% in the last one year as of Thursday’s close, outperforming the broader NSE Index’s 4.8% gains in the same period

Reporting by Gaurav Dogra

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