August 11, 2017 / 5:21 AM / 13 days ago

BUZZ-India's NSE Index may bounce towards 9,790 - technicals

** NSE index may bounce back from a support at 9,712, the 61.8 pct Fibonacci retracement level of wave 1 tmsnrt.rs/2fwW23l

** The index is riding a corrective wave 2 of an uptrend and most corrections are not expected to go beyond the 61.8 pct retracement of the motive wave, hence a bounce back is likely

** Breakdown of 9,712 level may lead to a fall towards 9,611 and 9,542, the 76.4 and 86.4 pct retracement levels

** On the upside, the index may find resistance near 9,793 and 9,875, the 50 pct and 38.2 pct retracement levels

** The index is in a long-term uptrend and a deeper correction may occur only once it cuts below the Ichimoku Cloud tmsnrt.rs/2fw5X9v

RM: gaurav.dogra.thomsonreuters.com@reuters.net

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