December 19, 2018 / 5:38 AM / 6 months ago

BUZZ-India's UltraTech Cement hits over 2-1/2 month high; technicals suggest more upside

** Shares of UltraTech Cement Ltd gain as much as 2.54 pct to 4109.8 rupees, their highest since Sep. 28

** Stock breaks above a resistance at 4,088.25 rupees, the 61.8 pct Fibonacci retracement level of the downtrend from Jan. 17 high to Oct. 23 low

** Breakout suggests, stock may rise up to the next resistance at 4,283.8 rupees, the 76.4 pct retracement level

** ** Trend intensity(TI) indicator rises to 17, suggests, prices are trending upwards

** MACD is positive and above its signal line

** Stock is down 7.23 pct this year as of last close, while the broader NSE Index is up 3.59 pct in the same period

Reporting by Gaurav Dogra

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