May 23, 2019 / 4:35 AM / 3 months ago

BUZZ-India's NSE index breaks key resistance at 11,893 - Technicals

** India’s NSE index jumps as much as 1.97% and breaks above a resistance at 11,893.48

** Indian shares surged to record highs on Thursday morning, as early trends showed a major lead for Prime Minister Narendra Modi’s National Democratic Alliance (NDA), as vote-counting began

** Resistance at 11,893.48 is identified as the 61.8% Fibonacci projection level of the uptrend from Feb. 19 low to April 18 high tmsnrt.rs/2YGL7W7

** A close above the 61.8% level may lead to further gains up to the next resistance at 12,078.98, the 76.4% level

** MACD, which is above the signal line, turned positive on Wednesday — a bullish sign

** Wave pattern suggests the index is in wave 3 of a five-wave uptrend

** The index is up 8.06% this year as of last close, outperforming the broader MSCI’s Asia Pacific ex-Japan local currency index’s 7.33% gains in the same period (Reporting by Gaurav Dogra)

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