June 27, 2017 / 7:33 AM / 2 months ago

BUZZ-NSE index 10,000-level elusive as technicals hint end of short-term uptrend

** After facing resistance near 9,700 last week, India's NSE index moves further away from record high; some technical indicators now suggest short-term uptrend has ended

** Index seems to have completed the ending wave (5) of a five wave uptrend as its fifth sub wave 5 has truncated before reaching a new record high tmsnrt.rs/2thcRFj

** Today's price break below 9,559.63, the 23.6 pct retracement level of the low on April 19 and high on June 6, suggests wave (5) has come to a closure

** RSI has also penetrated below 50; levels between 50 and 60 were providing support to the index during the uptrend

** In the long term, the index is on an uptrend; the end of wave (5) also ends third wave of a long-term five-wave cycle, and the fourth corrective wave has started tmsnrt.rs/2tQix6d

** In the short term, wave A of a corrective cycle seems to have started

** Support is seen near 9,516.36, the 38.2 pct projection level of wave 1 and 9,467.05, the 38.2 pct retracement level of wave (5) (RM: gaurav.dogra.thomsonreuters.com@reuters.net)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below