NESTLEIND - chart - 399936
Technical View: Nestle India hits record high; chart suggests more upside.
Shares of Nestle India Ltd NEST.NS gain as much as 1.09% to record high of 14,032.40 rupees
Stock breaks above a resistance at 14,056.36 rupees, the 86.4% Fibonacci projection level of the uptrend from Sept. 11, 2016 to Aug. 31, 2018.
The stock has its next resistance at 14,866.51 rupees, the 100% projection level, while the 14,056.36 rupees level is now expected to act as a support.
Trend intensity (TI) indicator rises to 29, which suggests that the stock is in an uptrend.
Wave pattern suggests that the stock is in final wave of a five-wave uptrend.
MACD is positive and above its signal line, seen favorable.
Stock up 28.5% this year as of last close while, the broader NSE index Nifty gained 4.1% in the same period.