November 28, 2018 / 5:00 AM / 13 days ago

BUZZ-Technicals suggest more upside for India's TCS

** Shares of India’s biggest publicly listed company, Tata Consultancy Services Ltd, gain as much as 1.57 pct and breaks above a resistance at 1,900.45 rupees

** Resistance at 1900.45 rupees is identified as the 23.6 pct Fibonacci retracement level of the downtrend from Oct. 1 high to Nov. 26 low

** Breakout suggests stock may now rise up to the next resistance at 1,972.2 rupees, the 38.2 pct retracement level

** Stock’s wave pattern suggests it has completed a three wave corrective pattern and a new uptrend has started, unless the correction turns out to be a combination

** MACD had cut above its signal line on Tuesday, a bullish sign

** Stock up 40 pct this year as of last close, compared with the NSE Index’s 1.47 pct gain in the same period

Reporting by Gaurav Dogra

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