March 26, 2019 / 6:38 AM / 6 months ago

BUZZ-India's NTPC hits over 5-mth high; technicals suggest further upside

** Shares of power producer NTPC Ltd rise as much as 2.51 pct to 138.75 rupees, highest since Oct. 24, 2018

** Stock breaks above a resistance at 137.57 rupees, the 61.8 pct Fibonacci retracement level of the downtrend from Oct. 27, 2017 high to Feb. 13, 2019 low tmsnrt.rs/2HEX8af

** Breakout is supported by volume as the five-day average volume is about 54 pct higher than its 30-day average volume

** Breakout suggests, in the near term stock may test the next resistance at 144.87 rupees, the 76.4 pct retracement level

** Trend Intensity (TI) indicator rises to 30, suggests prices are trending upwards

** MACD is positive and above its signal line

** Stock up 15.7 pct in the last one month as of Monday’s close, outperforming the broader NSE Index’s 4.4 pct gains in the same period

Reporting by Gaurav Dogra

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