November 29, 2018 / 5:07 AM / 8 months ago

BUZZ-India's Reliance Industries hits 6-week high; chart suggests further upside

** Shares of Reliance Industries Ltd gain as much as 2.1 pct to 1176.8 rupees, highest since Oct 17

** Stock breaks above a resistance at 1,157.95 rupees, the 38.2 pct Fibonacci projection level of the uptrend from July 5 low to Aug. 29 high (wave 3)

** Stock’s wave pattern suggests it is in the final wave of a five-wave uptrend

** Current wave is expected to rise up to a resistance at 1,245.35 rupees, the 61.8 pct level, though resistance is also expected at 1,201.65 rupees, the 50 pct level

** MACD is positive and above its signal line

** Stock up 25.15 pct this year as of last close, compared with the NSE Index’s 1.88 pct gain in the same period

Reporting by Gaurav Dogra

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