October 31, 2018 / 9:10 AM / 9 months ago

BUZZ-India's NSE Index breaks resistance at 10,283; chart suggests end of correction

** India’s NSE Index breaks above a resistance at 10,283.2, the 38.2 pct Fibonacci retracement level of the uptrend from Dec. 26, 2016 low to Aug. 28, 2018 high

** Breakout suggests index may test the next resistance at 10,419.05, the 23.6 pct Fibonacci retracement level of the correction from Aug. 28, 2018 high to Oct. 26, 2018 low

** Index’s 30-minute chart shows its forming a five wave leading diagonal, suggesting the correction that started on Aug. 28, 2018, has completed

** MACD crossed above the signal line earlier this week, a bullish sign

** NSE index is down 3.16 pct this year as of last close, compared with the MSCI’s Asia Pacific ex Japan local currency index’s 14.88 pct fall in the same period

Reporting by Gaurav Dogra

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