July 27, 2018 / 4:39 AM / 5 months ago

BUZZ-India's benchmark BSE index may test resistance at 37,619, NSE index may test 11,306

** India’s benchmark BSE index, which hit a fresh record high on Friday, may test a resistance at 37,618.55

** The 37,618.55 level is identified as the 76.4 percent Fibonacci projection levels of the uptrend from March 23 low to May 15 high (wave 1)

** Index opens gap up above a resistance at 37,106.14 points, the 61.8 pct projection level, now acting as a support

** The broader NSE index which also hit a fresh record high, breaks above a resistance at 11,162.05 points, the 61.8 pct level, now a support

** Breakout suggests it may now rise up to the next resistance at 11,305.94 points, the 76.4 pct level

** Wave pattern for both the indexes suggest they are in the wave 3 of a five-wave uptrend

Reporting by Gaurav Dogra; Editing by Sunil Nair

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