October 30, 2018 / 5:58 AM / 22 days ago

BUZZ-India's SBI hits near 3-wk high; technicals suggest more upside

** Shares of State Bank of India rise as much as 2.89 pct to 275.65 rupees, their highest since Oct. 10

** Stock breaks above a resistance at 269.57 rupees, the 23.6 pct Fibonacci projection level of the uptrend from March 23 low to Aug. 10 high (wave (1))

** Wave pattern suggests, the three wave correction that started on Aug. 10, has completed, stock is now in the initial wave of a five wave uptrend(wave (3))

** In the near-term, stock may find resistance at 283.3 rupees and 294.4 rupees, the 38.2 pct and 50 pct projection levels

** MACD is above its signal line

** Stock up 0.9 pct in the last one month as of Monday’s close, while the broader NSE Index’s is down 6.22 pct in the same period

Reporting by Gaurav Dogra

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