May 20, 2019 / 8:36 AM / 4 months ago

BUZZ-India's NSE index may test a resistance at 11,893 - Technicals

** India’s NSE index jumps as much as 3.42%, breaks above a resistance at 11,743.56

** Indian stocks, the rupee and bonds rallied on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a bigger majority in the parliament.

** Resistance at 11,743.56 is identified as the 50% Fibonacci projection level of the uptrend from Feb. 29 low to April 18 high(wave A)

** A close above this 50% level may lead to rise up to the next resistance at 11,893.48, the 61.8% level

** Earlier on Monday, stock cut above a descending trend line, which suggests, stock is still in an uptrend and possibly a new five-wave uptrend has started for the stock

** RSI rises above the 60 level, seen as a bullish sign

** Index up 6.8% in the pat year as of Friday’s close, while the broader MSCI’s Asia Pacific ex-Japan local currency index had lost about 8 pct in the same period

** NSE index was up 3.4% at 11,783.3 at 0830 GMT

Reporting by Gaurav Dogra

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