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BUZZ-India's L&T hits over 2-yr high; chart suggests more upside
September 11, 2017 / 5:38 AM / 15 days ago

BUZZ-India's L&T hits over 2-yr high; chart suggests more upside

Sept 11 (Reuters) - ** Shares of Larsen & Toubro rise as much as 4.49 pct to 1,225 rupees, their highest since Aug 10, 2015

** Stock cuts above the 23.6 pct Fibonacci projection level of wave 3, suggesting that the 4th wave is completed and the uptrend has resumed in the form of 5th wave tmsnrt.rs/2jhH8Q5

** The Trend intensity indicator(TI) rises to 18 from Friday’s level of 16 after forming a higher trough, which suggests a new uptrend has started

** MACD has also turned positive and is above its signal line, seen favorable for a new rally

** Share’s price may move towards the next resistance near 1,251.2 rupees, the 38.2 pct projection level of wave 3

** Stock is up 30.35 pct this year as of Friday’s close, compared with a 21.37 pct gain on the NSE Index

RM: gaurav.dogra.thomsonreuters.com@reuters.net

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