April 20, 2018 / 6:46 AM / a month ago

BUZZ-Nifty IT Index hits record high; upside seen - technicals

** India’s Nifty IT Index gains as much as 3.9 pct to a record high of 13,789.1

** Index breaks above a resistance near 13,465, the 38.2 pct Fibonacci projection level of the uptrend from the low of March 6, 2009 to the high of March 4, 2015

** IT stocks were upbeat on Friday, after Tata Consultancy Services Ltd, India’s most valued listed company, reported its biggest-ever net profit of 69.04 bln rupees, beating analysts’ average estimate

** Breakout suggests in the near term the IT index will move towards the next resistance at 14,753, the 50 pct retracement level

** Trend intensity (TI) indicator rises to 19, confirms an uptrend in its early stage

** Nifty IT Index up 13.8 pct this year as of Thursday’s close, outperforms broader NSE Index’s 0.33 pct gain in the same period

Reporting by Gaurav Dogra

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