August 31, 2018 / 5:47 AM / in 3 months

BUZZ-India's Wipro hits 7-mth high; chart suggests further upside

** Shares of Wipro Ltd gain as much as 2.53 pct to 306.5 rupees, their highest since Feb. 1

** Stock breaks above a resistance at 303.15 rupees, the 38.2 pct Fibonacci projection level of the uptrend from Nov. 9, 2016 low to Jan. 16, 2018 high(wave (5) reut.rs/2N4mOz3

** Breakout suggests the 38.2 pct level will now act as a support, while stock may move towards the next resistance at 318.45 rupees, the 50 pct level

** Trend intensity (TI) indicator rises to 33, suggesting the stock is in a strong uptrend, MACD is also positive and above its signal line

** Stock up 9.45 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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