May 23, 2019 / 4:55 AM / 4 months ago

BUZZ-State Bank of India hits record high, technicals point to more upside

** Shares of State Bank of India rise as much 5.3% to a record high of 359.15 rupees

** Indian shares surged to record highs on Thursday morning, as early trends indicated a major lead for Prime Minister Narendra Modi’s National Democratic Alliance (NDA), as vote-counting began

** SBI stock breaks above a resistance at 352.86 rupees, the 100% Fibonacci projection level of the uptrend from March 23, 2018 low to Aug. 10, 2018 high (tmsnrt.rs/2Hx5orm)

** Breakout suggests, in a couple of days stock may test the next resistance at 366.6 rupees, the 114.6% projection level

** Stock’s 5-day average volume is ~43% higher than its 30-day average volume, seen supportive of further gains

** Trend intensity (TI) indicator rises two points to 21, suggesting prices are trending upwards; 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 15.3% this year as of last close, outperforming broader NSE Index’s 8.1% gain in the same period (Reporting by Gaurav Dogra in Bengaluru)

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