April 27, 2018 / 6:14 AM / a month ago

BUZZ-India's NSE Index breaks resistance at 10,640, tests 10,706 - technicals

** India’s NSE Index breaks above a crucial resistance at 10,640 on Monday to face another resistance at 10,706

** Current resistance is identified as the 61.8 pct retracement level of the correction from the high of Jan 29 to the low of March 23, an equally critical level as reversals are typically seen from the 61.8 pct level

** Possibility of a break above the 10,706 resistance level are supported by the breakout of the 10,640 level, an uptrend with a trend intensity (TI) reading of 23 and a positive MACD

** Breakout above the resistance at 10,706 on closing basis will further lead to gains towards 10,884, the 76.4 pct retracement level

** On the flip side, a close below 10,562, the 50 pct retracement level, may lead to a reversal

** The 50 pct retracement level supported the index in the past one week

Reporting by Gaurav Dogra

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