March 14, 2019 / 4:56 AM / 4 months ago

BUZZ-India's NSE index breaks resistance at 11,346 may test 11,521 - Technicals

** India’s NSE index gains as much as 0.37 pct and breaks above a resistance at 11,345.86 points

** Resistance at 11,345.86 points is identified as the 76.4 pct Fibonacci retracement level of the downtrend from Aug. 28 high to Oct. 26 low(wave (4)

** A close above the 76.4 pct level may lead to further rise up to 11,521.43 points, the 86.4 pct retracement level

** Some resistance is also expected at 11,484.4 points, the 114.6 pct Fibonacci projection level of the uptrend from Dec. 11 low to Feb. 7 high (wave a)

** Stock’s wave pattern suggests, it is in the third wave of a five wave uptrend

** Trend Intensity (TI) indicator rises two points to 21, suggests prices are trending upwards, MACD is positive and above its signal line

** Index up 5.1 pct in the last one month as of Wednesday’s close, outperforming the broader MSCI’s Asia Pacific ex-Japan local currency index’s 1.9 pct gains in the same period

Reporting by Gaurav Dogra

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