January 24, 2019 / 5:27 AM / in a month

BUZZ-India's Reliance Ind breaks resistance at 1245 rupees, may test 1299 rupees - Technicals

** India’s Reliance Industries Ltd’s stock gains as much as 2.06 pct and breaks above a resistance at 1245.43 rupees

** Resistance at 1245.43 rupees is identified here as the 50 pct Fibonacci projection level of the uptrend from Feb. 6, 2018 low to Aug. 29, 2018 high

** A close above the current 50 pct projection level may lead to further gains towards the next resistance at 1299.48 rupees, the 61.8 pct projection level

** Trend intensity(TI) indicator rises to 21, suggests stock is in an uptrend, MACD is positive and above its signal line

** Stock up 11.46 pct in the last one month as of Wednesday’s close, compared with the broader NSE Index’s 0.72 pct gains in the same period (Reporting by Gaurav Dogra)

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