August 1, 2018 / 4:53 AM / in 4 months

BUZZ-India's IndusInd Bank hits record; may test resistance at 2,069 rupees - technicals

** Shares of lender Indusind Bank Ltd gain as much as 1.3 pct to a record of 2,021 rupees

** Stock breaks above a resistance at 1,976.61 rupees, the 50 pct Fibonacci projection level of the uptrend from Dec. 23, 2016 low to Feb. 1, 2018 high (wave 3) (reut.rs/2mZlizB)

** Breakout suggests stock may now rise up to the next resistance at 2,068.75 rupees, the 61.8 pct projection level

** Stock’s wave pattern suggests it’s in the wave iii of a five-wave uptrend; this uptrend constitutes the final wave 5 of a larger degree

** Trend intensity (TI) indicator rises to 16, suggesting start of a new uptrend, MACD is also positive and above its signal line

** Stock up 21 pct this year as of last close, has outperformed the broader NSE index’s 7.84 pct gains in the same period

Reporting by Gaurav Dogra

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