June 4, 2019 / 6:04 AM / 2 months ago

BUZZ-India's NTPC may test resistance at 140 rupees - Technicals

** Shares of power producer NTPC Ltd gain as much as 2.44% and cuts above a resistance at 135.89 rupees

** Resistance at 135.89 rupees is identified as the 38.2% Fibonacci projection level of the uptrend from Feb 13 low to March 26 high tmsnrt.rs/2QJoxJu

** Close above the 38.2% level may lead to further rises up to the next resistance at 140.06 rupees, the 50% projection level

** Trend intensity (TI) indicator rises to 16, which suggests a new uptrend has started for the stock

** MACD is positive and above its signal line, seen favourable for further gains

** Stock up 7.2% this year as of last close and has underperformed the broader NSE Index’s 11.3% gains in the same period (Reporting by Gaurav Dogra; editing by Gopakumar Warrier)

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