March 23, 2018 / 7:12 AM / 4 months ago

BUZZ-India's NSE Index breaks below 10,000; further downside seen - technicals

March 23 (Reuters) - ** The NSE Index breaks below a support at 10,033 and the psychologically important level of 10,000

** The level (10,033) is identified as the 100 pct retracement level of the uptrend from Dec. 6, 2017 low to Jan. 29, 2018 high reut.rs/2G1hg1H

** Stock cuts below the 200-day exponential moving average, which was providing support over the past few days

** Bollinger band has started to expand, suggesting sharp moves in the coming days

** A combined study of wave pattern and Fibonacci retracements suggests the index has support near 9,920 from the 38.2 pct retracement level of wave 3 and a break below it may lead to a fall up to 9,533, the 50 pct retracement level reut.rs/2G2WBdy

** The previous corrective wave 2 in the cycle also retraced 50 pct of wave 1 (Reporting By Gaurav Dogra)

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