June 26, 2019 / 4:37 AM / 4 months ago

BUZZ-India's NTPC hits 3-month high; technicals suggest more upside

** Shares of NTPC Ltd gain as much as 2.5% to 141.9 rupees, their highest since March 26

** Stock breaks a resistance at 140.06 rupees, the 50% Fibonacci projection level on the uptrend from Feb 13 low to March 26 high tmsnrt.rs/2FzhVsX

** The breakout suggests, in a couple of days, stock may test the next resistance at 144.23 rupees, the 61.8% projection level

** Stock had cut above its parabolic SAR on Monday, seen supportive of further gains

** MACD turns positive and is above its signal line

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

** Stock up 11.47% this year, as of last close, compared with the broader NSE Index’s 8.6% gains in the same period

Reporting by Gaurav Dogra

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