Company News

BUZZ-India's Reliance Industries hits 4-wk high; chart suggests more upside

** Oil-to-telecoms giant Reliance Industries Ltd’s shares gain as much as 1.36 pct to 1,145 rupees, highest since Dec. 19

** Stock breaks above a resistance at 1,124.5 rupees, the 23.6 pct Fibonacci projection level of the uptrend from Feb. 6, 2018 low to Aug. 29, 2018 high

** Breakout suggests, stock may rise up to the next resistance at 1,191.38 rupees, the 38.2 pct projection level

** Stock broke out of a triangular pattern on Tuesday, seen favorable for the stock

** MACD turns positive and is above its signal line

** Stock up 19.02 pct in the past one year as of Tuesday’s close, compared with the broader NSE Index’s 1.35 pct gains in the same period (Reporting by Gaurav Dogra)