Company News

BUZZ-India's Reliance Industries hits 3-1/2 month high; technicals suggest further upside

** India’s biggest listed firm by market value Reliance Industries Ltd gains as much as 2.96 pct to 1,219.4 rupees, its highest since Oct. 3

** Stock breaks above a resistance at 1,191.4 rupees, the 38.2 pct Fibonacci projection level of the uptrend from Feb. 6, 2018 low to Aug. 29, 2018 high

** Breakout suggests stock may rise up to the next resistance at 1,245.45 rupees, the 50 pct projection level

** Breakout is supported by volume as the 5-day average volume is about 35 pct higher than the 30-day average

** Stock’s 20-day exponential moving average(EMA) had cut above its 50-day EMA on Friday, seen as a bullish sign

** MACD is positive and above its signal line

** Stock up 28.78 pct in the last one year as of Friday’s close, compared with the broader NSE Index’s 0.83 pct gains in the same period (Reporting by Gaurav Dogra)