May 24, 2019 / 5:27 AM / 3 months ago

BUZZ-India's NSE index may break a support at 11,613 -Technicals

** India’s NSE index, which fell over 3% after hitting a record high of 12,041.15 in Thursday’s trade, may break below a support at 11,612.52

** Support at 11,612.52 is identified as the 38.2% Fibonacci projection level of Thursday's correction from the high of 12041.15 to the low of 11,614.5 tmsnrt.rs/2YLsOip

** Index’s wave pattern suggests, it is in the final wave C of the correction that started from Thursday’s high

** Wave C has the potential to fall up to 11,349.25, the 100% projection level of wave A

** An uptrend though, is not yet complete, the final wave (5) of the uptrend, which may retest the record high of 12,041.15 is expected once the wave C completes

** On the upside, index currently has resistance at 11,716.07 and 11,778.41,a break above 11,778.41 may lead to further gains (Reporting by Gaurav Dogra)

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