June 13, 2019 / 4:52 AM / a month ago

BUZZ-India's NSE index breaks key support, may fall further - technicals

** NSE index dips as much as 0.6%, cuts below a support at 11,867.56

** The support is identified as the 23.6% Fibonacci retracement level on the uptrend from May 14 low to June 3 high tmsnrt.rs/2RcjEJj

** Index’s wave pattern suggests it is in wave C of a three-wave downtrend

** Wave pattern further suggests, within wave C, index is in the third sub wave of a five-wave downtrend

** A close below the 23.6% level may lead to further fall up to a support at 11,722.5, the 38.2% retracement level

** Support is also expected at the 20-day exponential moving average and at last Friday’s low of 11,769.5

** Index’s MACD cuts below its signal line, seen as a bearish sign

** As of last close, the index is up 9.61% this year, compared with the broader MSCI’s Asia Pacific ex-Japan local currency index’s 8.97% gain in the same period (Reporting by Gaurav Dogra)

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