January 8, 2018 / 7:45 AM / 5 months ago

BUZZ-India's NSE index breaks resistance at 10,542, upside seen – technicals

** India's NSE index breaks above a resistance at 10,542, the 123.6 pct Fibonacci projection level of the wave 1 from Feb. 29, 2016 low of 6,825.8 to Sep. 7, 2016 high of 8,968.7 reut.rs/2CFLRjJ

** Breakout suggests the index may move towards the next resistance at 10,855 in the shorter term, the 138.2 pct projection level

** Wave pattern suggests, on a longer-term prospective, the index is riding the wave 3 of a five-wave cycle, the longest wave among the five

** Trend intensity (TI) indicator at 20 confirms an uptrend is gaining momentum

** MACD is positive and above its signal line, seen favourable for the index

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