August 31, 2018 / 9:07 AM / 3 months ago

BUZZ-India's Tech Mahindra hits record high; technicals suggest further upside

Aug 31 (Reuters) - ** Shares of Tech Mahindra Ltd gain as much as 3.96 pct to a record high of 760.9 rupees

** Stock breaks above a resistance at 754.85 rupees, the 38.2 pct Fibonacci projection level of the uptrend from May 29, 2017 low to April 23, 2018 high (wave 1) reut.rs/2PnlWTT

** Breakout suggest stock may now move up to the next resistance at 798.85 rupees, the 50 pct projection level

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

** Trend intensity (TI) indicator rises to 25, suggesting the stock is trending upwards, MACD is also positive and above its signal line

** Stock up 11.66 pct in the last one month as of Thursday’s close, compared with a 3.16 pct gain for the broader NSE Index

Reporting by Gaurav Dogra; Editing by Sunil Nair

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