May 20, 2019 / 5:15 AM / a year ago

BUZZ-State Bank of India hits 1-1/2-year high; chart suggests more upside

** Shares of State Bank of India rise as much 7.52% to 343.25 rupees, highest since Nov 17, 2017

** Indian stocks, the rupee and bonds rallied on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a bigger majority in the parliament.

** SBI stock cuts above a resistance at 340.06 rupees, the 86.4% Fibonacci projection level of the uptrend from March 23, 2018 low to Aug. 10, 2018 high (wave 1)

** A close above this level may lead to further gains up to 352.86 rupees, the 100% level

** Stock’s 5-day average volume is about 31% higher than the 30-day average volume, seen supportive of further gains

** Trend intensity (TI) indicator rises two points to 17, suggests a new uptrend has started for the stock; MACD is positive and above its signal line

** Wave pattern suggests, stock is in the third wave, typically the longest wave of a five-wave uptrend

** Stock up 21.4% in the last three months as of Friday’s close, outperforming broader NSE Index’s 6.4% gains in the same period (Reporting by Gaurav Dogra; editing by Gopakumar Warrier)

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