July 1, 2019 / 5:07 AM / 2 months ago

BUZZ-India's NTPC at over 9-month high, may rise further - Technicals

** Shares of NTPC Ltd gain as much as 2.72% to 145.2 rupees, their highest since Sept 18, 2018

** Stock cuts above a resistance at 144.23 rupees, the 61.8% Fibonacci projection level on the uptrend from Feb 13 low to March 26 high tmsnrt.rs/2FHG14Y

** A close above this 61.8% level may lead to further rise towards a resistance at 149.39, the 76.4% projection level, in the near term

** Wave pattern suggests that the index is in the third wave; typically the longest wave of a five-wave uptrend

** Trend intensity(TI) indicator rises two points to 22, suggests that prices are trending upwards

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

** Stock up 13.8% this year, as of last close, compared with the broader NSE Index’s 8.5% gains in the same period

Reporting by Gaurav Dogra

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